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Micron's Q2 revenues dropped 30% YoY
Boise, Idaho-based Micron Technology recorded revenues, for the second quarter of 2016, of USD 2.93 billion – which is a decrease of 12% compared the first quarter of 2016 and a 30% decrease YoY.
Cash flows from operations were $763 million for the second quarter of fiscal 2016. GAAP Net Income – or rather net loss – was $97 million, compared to GAAP net loss of $206 million, for the first quarter of fiscal 2016. The company explains the lower revenues primarily due to approximate 10% declines in both DRAM average selling prices and sales volume.Non-Volatile trade revenues for the second quarter of fiscal 2016 declined 6% compared to the first quarter primarily as a result of an approximate 15% decline in average selling prices partially offset by an increase in sales volume. "Although we continue to navigate challenging market conditions, we are on track with deploying our advanced DRAM and NAND technologies and improving our cost structure," said Micron CEO Mark Durcan. "As a result, we expect to significantly improve our competitive position as we move through the second half of 2016 and beyond." The company's overall consolidated gross margin of 20 percent for the second quarter of fiscal 2016 was 5 percent lower compared to the first quarter of fiscal 2016 primarily due to lower average selling prices partially offset by manufacturing cost reductions for Non-Volatile products.
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