Micron reported a strong quarter. In its PR:OISE, Idaho, June 25, 2019 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2019, which ended May 30, 2019. Fiscal Q3 2019 Highlights•Revenue of $4.79 billion versus $7.80 billion for the same period last year•GAAP net income of $840 million, or $0.74 per diluted share•Non-GAAP net income of $1.20 billion, or $1.05 per diluted share•Operating cash flow of $2.71 billion versus $4.26 billion for the same period last year Share repurchases of $2.66 billion under the authorized buyback program in the first nine months of 2019 "Micron's improved competitive position and strong execution helped us deliver solid results despite a challenging environment," said Micron Technology President and CEO Sanjay Mehrotra. "While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance." Investments in capital expenditures, net of amounts funded by partners, were $2.21 billion for the third quarter of 2019, which resulted in adjusted free cash flow(3) of $504 million. Micron repurchased an aggregate of 67 million shares of its common stock for $2.66 billion during the first nine months of 2019 in connection with its $10 billion share repurchase authorization. The company ended the third quarter with cash, marketable investments, and restricted cash of $7.93 billion for a net cash(4) position of $3.02 billion....Convertibles are reduced by $1.4B in the quarter. The company is managing the business well. The worst is over for the stock. $40 next.MU stock before earnings (now at $35.50): $MU, Micron Technology, Inc. / H1