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Micron delivers upbeat guidance after swinging to surprise profit in Q2


Micron delivers upbeat guidance after swinging to surprise profit in Q2 By Investing.com

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AuthorYasin EbrahimStock Markets

Published Mar 20, 2024 04:34PM ET

© Reuters

Investing.com — Micron reported Tuesday upbeat guidance for the current quarter after the chipmaker swung to a surprise profit in the fiscal second-quarter as memory price hikes boosted performance amid growing AI-driven demand.  

Micron Technology Inc (NASDAQ:MU) shares rose about 11% in after-hours trading following the report.

For the quarter ended Feb. 29, Micron reported earningsof $0.42 a share on revenue of $5.82 billion, compared with a loss of $1.91 a share and revenue of $3.69B a year earlier. Analysts polled by Investing.com anticipated a loss of $0.26 a share on revenue of $3.74B.

Chipmakers including Micron are riding a wave of demand as the need for hardware including memory chips to power the AI revolution continues to gather pace.

Looking ahead to the fiscal third quarter, Micron sees a adjusted EPS in a range of $0.38 to $0.52, on revenue of $6.60B, give or take 200M. Wall Street consensus was looking for $0.07 on revenue of $5.98B.

Micron delivers upbeat guidance after swinging to surprise profit in Q2

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