vzphotos
Micron Technology (NASDAQ:MU) shares rose 12% in extended-hours trading after the memory maker reported fiscal second-quarter results and guidance that topped expectations by a wide margin.
For the period ending Feb. 29, Micron earned an adjusted $0.42 per share on $5.82B in revenue. Adjusted gross margin came in at 20% during the period, well above the 0.8% seen during the first quarter.
Analysts were expecting the company to report an adjusted loss of $0.24 per share on $5.35B in revenue.
"Our preeminent product portfolio positions us well to deliver a strong fiscal second half of 2024," Micron President and CEO Sanjay Mehrotra said in a statement. We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI."
Looking ahead, Micron expects to earn between $0.38 and $0.52 per share, excluding one-time items, during the fiscal third-quarter, with sales expected to be within a range of $6.4B to $6.8B.
Analysts were expecting earnings of $0.09 per share on $6B in sales.
The company will host a conference call at 5:30 p.m. EST to discuss the results.
More on Micron
- Micron's Fiscal Q2 2024 Earnings Preview With Eyes On HBMx
- Micron Stock: After Nearly Doubling, It's Time To Take Profits (Technical Analysis)
- Micron: Optimism Warranted But Overhype Warning Getting Closer (Downgrade)
- Nvidia to get high-bandwidth memory chips from Samsung: report
- Micron in charts: DRAM revenue jumps over 50%, while revenue from NAND leaps 77% in FQ2