By Maria Armental
Micron Technology Inc., one of the world’s largest memory-chip makers, reported a strong second-quarter performance and projected third-quarter results ahead of Wall Street expectations. Here’s what you need to know.
PROFIT: Net income surged to $603 million from $405 million. On a per-share basis, profit was 53 cents, or 98 cents as adjusted. Micron had projected 51 cents to 56 cents a share, or 93 cents to 98 cents a share as adjusted, while analysts surveyed by FactSet expected 67 cents a share, or 95 cents a share on an adjusted basis.
REVENUE: Revenue rose to $6.24 billion from $4.8 billion a year earlier. Micron projected $6.2 billion to $6.25 billion, while analysts expected $6.19 billion.
OUTLOOK: This quarter, Micron expects a profit of $1.45 to $1.59 a share, or $1.55 to $1.69 a share as adjusted, on $6.9 billion to $7.3 billion in revenue. Analysts expect $1.16 a share, or $1.32 a share on an adjusted basis, on $6.84 billion in revenue.
CEO QUOTE: Chief Executive Sanjay Mehrotra said the company’s performance reflected “rapidly improving market conditions and continued solid execution” and pointed to demand trends, driven by artificial intelligence and 5G.
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(END) Dow Jones Newswires
March 31, 2021 16:25 ET (20:25 GMT)
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