Micron Technology’s (MU) stock is up 15% after the company reported financial results that beat Wall Street’s targets.
Boise, Idaho-based Micron reported earnings per share (EPS) of $1.18 U.S., which topped the $1.11 U.S. that was expected amongst analysts.
Revenues in what was the company’s fiscal fourth quarter totaled $7.75 billion U.S., which also beat consensus estimates that called for $7.65 billion U.S. Sales were up 93% from a year ago.
Management attributed the strong results to sales of Micron’s data centre products. The company said demand for products related to artificial intelligence (A.I.) remains strong.
Looking ahead, Micron forecast earnings of $1.74 U.S. for the current quarter which was ahead of the $1.52 U.S. expected on Wall Street.
Micron added that it expects revenue of $8.50 billion U.S. to $8.90 billion U.S., which was also ahead of $8.32 billion U.S. forecast among analysts.
Management said that strong demand for A.I. applications should continue to drive growth at the company for several more quarters.
Prior to today (Sept. 25), the stock of Micron Technology’s had risen 40% over the last 12 months and was trading at $95.77 U.S. per share.
