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Micron (MU) up 2.3% in premarket after fiscal Q2 beats
Micron Technology (MU) shares rose 2.3% in Thursday’s premarket after the chipmaker delivered fiscal Q2 earnings and revenue beats.
For the three months to 4th March 2021, Micron said that adjusted earnings per share were $0.98, which was 53 cents higher than the same period a year ago.
Revenue was also very healthy after rising 30% year over year to $6.24bn, while GAAP net income climbed 49% to $603m.
Wall Street analysts had Micron pegged at $0.95 adjusted earnings per share and revenue of $6.19bn.
After delivering beats across the board, Micron only sees more growth in the coming months due to strong demand for semiconductors.
Its chips are used in some of the most sought–after tech products, and several companies and suppliers have recently claimed that there may be a global shortage.
For fiscal Q3, Micron has guided for approximately $7.1bn revenue, which would represent a 14% increase from Q2, and GAAP earnings of $1.52 per share.
Analysts previously saw Micron coming in with $6.83bn for the current quarter and $26.32bn for the full year.
Micron’s president and chief executive Sanjay Mehrotra was in a bullish mood on Thursday as he talked up the company’s strong position in the industry.
He noted: “Our technology leadership in both DRAM and NAND places Micron in an excellent position to capitalize on the secular demand driven by [Artificial Intelligence] and 5G.”
Micron shares ended Wednesday’s session on the Nasdaq with gains of 1.9% and a closing price of $88.21.
The Idaho-based company was set to rise again on Thursday as MU climbed a further 2.3% to $90.22 in premarket trading.
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