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Micron stock rises after reporting mixed earnings

Yahoo Finance Video

Yahoo Finance's Akiko Fujita breaks down the latest moves in Micron stock.

Video transcript

AKIKO FUJITA: Let's take a look at one trending ticker, part of the tech space here. Shares of Micron trading higher here, up more than 2% after the chip maker reported mixed quarterly results as the company joined the pool of chip makers who are warning of falling demand for PCs. Micron's fourth quarter sales fell roughly 20% year over year. However, the chip maker delivering its sixth consecutive year of positive free cash flow, allowing Micron to return a record $2.9 billion to its shareholders.

The company, by the way, now expects revenue to come in a billion dollars lower than analysts' expectations in the current quarter, citing softer consumer spending and weakening demand from PC makers. Data center demand also fell. The company says, though, the demand there remains healthy for cloud products.