Micron earnings Q3 2019

Shares of memory and storage company Micron rose more than 7% after-hours Tuesday after the company beat analysts’ expectations for its fiscal third quarter of its 2019 earnings.

Here are the key numbers:

• Earnings: $1.05 per share, excluding certain items, vs. 79 cents per share as expected by analysts, according to Refinitiv.
• Revenue: $4.79 billion, vs. $4.69 billion as expected by analysts, according to Refinitiv.

Micron’s strong performance for the quarter shows it was able to grow despite bubbling trade tensions between the U.S. and China. Huawei, which has been caught in the middle of the U.S.-China trade war, represented 13% of Micron’s revenue in the first six months of its 2019 fiscal year, according to the previous earnings release. Several chipmakers, including Qorvo and Skyworks, have lowered guidance after the U.S. imposed restrictions on how U.S. companies could do business with Huawei.

JPMorgan Chase analysts led by Harlan Sur lowered their estimates on Micron on Friday, partly because of the impact playing out across Huawei’s supply chain.

“While we continue to expect a 2H19 recovery in demand (we are getting more confident around cloud spending reacceleration starting in September), we acknowledge the shape of the recovery may be negatively impacted by trade tensions with potential demand destruction in consumer segments,” wrote the analysts, who have an overweight rating on Micron. “Moreover, replacing bits sold to Huawei may take some time to normalize on substitution effects.”

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