Micron Technology’s headquarters in Boise, Idaho, on March 28, 2021.
Jeremy Erickson | Bloomberg | Getty Images
Shares of micron Following the corporate’s announcement, the worth rose greater than 14% in prolonged trading on Wednesday Second Quarter Fiscal 2024 Results that beat analysts and offered rosy forecasts. The company, which makes memory and storage for computers, said it has benefited from the boom in artificial intelligence.
This is how the corporate did it:
- Earnings per share: 42 cents adjusted versus a lack of 25 cents expected by LSEG, formerly referred to as Refinitiv.
- Revenue: $5.82 billion versus LSEG’s expected $5.35 billion.
Micron said revenue rose to $5.82 billion from $3.69 billion within the year-earlier quarter. The company reported a net income of $793 million, in comparison with a net lack of $2.3 billion in the identical period last yr.
For the fiscal third quarter, Micron expects revenue of $6.6 billion, above analysts’ expectations of $6.02 billion.
“We believe Micron is one of the biggest beneficiaries of the multi-year opportunities presented by AI in the semiconductor industry,” Micron CEO Sanjay Mehrotra said in a press release.
Micron has long provided memory and flash storage for computers, data centers and phones. Large data centers are getting used to drive the influx of recent AI software. While Nvidia has garnered lots of attention with its AI-powered graphics processors, corporations like Micron profit from providing the memory and data storage for these systems.
