Micron beats quarterly earnings estimates on higher memory demand
- Micron Technology Inc said on Wednesday it expected a recovery in 2020 after a “cyclical bottom” in the second quarter, and that it had received all requested licenses to supply some products to its largest customer, Huawei Technologies Co Ltd.
Struggling to grow sales in a slowing memory market, Micron faced more uncertainty when Washington placed Huawei on a so-called entity list in May that effectively banned U.S. firms from supplying to the Chinese company. In June, Micron said it had determined that some of its products could be legally shipped to Huawei, while others remained barred. It did not, however, disclose if it had received a license when U.S. officials began granting them in November.
“We believe that we’ll be able to get back to working with them and qualifying our products, and then within a few months we should be in a much better place - assuming of course that no changes occur in terms of the U.S. trade policy as it relates to Huawei,” Sadana said. For the first quarter, Micron earned 48 cents per share on an adjusted basis, a cent above expectations.
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