Micron Technology Shares Rise 14% After Surprise Profit
By Ben Glickman
Shares of Micron Technology rose late Wednesday after the memory-chip maker posted a surprise profit and issued upbeat outlook.
The stock was up 14% to $109.92 in after-hours trading, following a 2.4% rise in the regular session. Shares are up about 13% since the start of the year.
The Boise, Idaho-based company forecast third quarter revenue of $6.4 billion to $6.8 billion, compared with the $6 billion expected by analysts. At the midpoint, the company's revenue outlook would represent an increase of about 76% from a year earlier.
The company also expects to post adjusted and unadjusted profit ahead of analysts forecasts.
Micron swung to a profit in the fiscal second quarter from a steep loss in the year ago quarter, defying the company's guidance and Wall Street's expectations.
Revenue increased 58% to $5.82 billion, also topping expectations.
Chief Executive Sanjay Mehrotra said the company believes it is among the companies best positioned to benefit from the opportunity from artificial intelligence.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
March 20, 2024 16:51 ET (20:51 GMT)
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