Shares of SMART Global Holdings Inc. (SGH, Financial) rose on the heels of the company reporting its financial results for the second quarter. The company posted adjusted earnings per share of $1.73. The company’s revenue of $314 million was also higher than the figure reported a year earlier by 82.6%. The company managed to beat earnings estimates by 40 cents and revenue estimates by $23.36 million.
Iain MacKenzie, president and company´s Co-CEO, commented that in the trimester the company benefited from various drivers. He said: “The overall memory industry supply and demand dynamics remained favorable with respect to increasing memory densities and pricing. Additionally, in Brazil, the economy continued to improve and we benefited from local content requirements. Lastly, we once again demonstrated exceptional operating expense control and operating leverage in our financial model.”
Looking ahead, the company expects for the third-quarter of fiscal 2018 net sales between $320 and $340 million, gross margin in the range of 21% to 23% and diluted earnings per share of $1.61 and $1.69.
On the other hand, Micron Technology Inc. (MU, Financial) fell on Friday after reporting its financial results for the second quarter. The company posted adjusted earnings per share of $2.82, which beat street estimations by 8 cents.The company’s revenue of $7.35 billion was also higher than the figure reported a year earlier by 58.1% due to increased demand broadly across the products and end markets. Moreover, the company managed to beat revenue expectations by $70 million.
Qualcomm Inc. (QCOM, Financial) moved down after re-electing ten directors to the board during its annual meeting. Some of them were elected with more than 50% of the vote while the rest received about 40%.
(Disclosure: The author holds no position in any stocks mentioned).
