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Micron Technology said its sales rose to $6.24 billion for the latest quarter.
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Micron Technology
stock rallied in the extended session Wednesday, after the company’s fiscal second-quarter results topped consensus estimates. Its guidance for third-quarter earnings and sales also outpaced Wall Street expectations.
Micron shares rose 2.6% in after-hours trading Wednesday.
The memory maker reported fiscal second-quarter net income of $603 million, which amounts to 53 cents a share, compared with net profit of $405 million, or 36 cents a share, a year ago. Sales rose to $6.24 billion from $4.8 billion a year ago.
Adjusted for accounting changes, patent license changes, and a change in inventory cost absorption, earnings were 98 cents a share. Analysts had expected adjusted earnings of 94 cents a share on sales of $6.21 billion.
“Our technology leadership in both DRAM and NAND places Micron in an excellent position to capitalize on the secular demand driven by AI and 5G, and to deliver new levels of user experience and innovation across the data center and intelligent edge,” Micron CEO
Sanjay Mehrotra
said.
Micron makes Dynamic Access Memory, which is often used in personal computers and data centers. NAND, or flash memory, is made for storing data; it gained widespread use in mobile phones but is also now used in PCs and servers. Demand for chips of all kinds—including those made by Micron—have contributed to a global chip shortage.
For the fiscal third quarter, Micron said it expected non-GAAP earnings of $1.62 a share, plus or minus 7 cents. The company said it expected third-quarter sales of $7.1 billion, plus or minus $200 million. Analysts model third-quarter adjusted earnings of $1.34 a share on revenue of $6.85 billion.
Micron stock advanced 110% in the past year, as the
PHLX Semiconductor
Index (SOX) gained 107%.
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