On March 28, 2021, Micron Technology headquarters in Boise, Idaho.
Jeremy Erickson | Bloomberg | Getty Images
shares Micron Shares rose more than 14% in after-hours trading Wednesday following the company’s announcement. Second Quarter Fiscal Year 2024 Results That beat analysts and provided upbeat guidance. The company, which makes computer memory and storage devices, said it has benefited from the boom in artificial intelligence.
Here’s what the company does:
- Earnings per share: The adjusted price was 42 cents, compared with an expected loss of 25 cents for LSEG (formerly Refinitiv).
- income: 5.82 billion US dollars, while LSEG expected US$5.35 billion.
Micron said revenue rose to $5.82 billion from $3.69 billion in the same period last year. The company reported net income of $793 million, up from a net loss of $2.3 billion a year earlier.
Micron forecast fiscal third-quarter revenue of $6.6 billion, higher than analysts’ expectations of $6.02 billion.
“We believe Micron is one of the largest beneficiaries of the multi-year opportunities presented by artificial intelligence in the semiconductor industry,” Micron CEO Sanjay Mehrotra said in a press release.
Micron has long provided memory and flash memory for computers, data centers and mobile phones. Large data centers are being used to power the influx of new artificial intelligence software. While Nvidia gets the spotlight for its graphics processing units that run artificial intelligence, companies like Micron benefit by providing the memory and storage that power these systems.
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