Shares of Micron Technology (MU) are up 6% after the chipmaker posted better-than-expected quarterly results.
Micron reported a loss of $0.95 U.S. per share for what was its fiscal first quarter, which was better than a loss of $1.01 U.S. that was expected among analysts.
Revenue in the quarter totaled $4.73 billion U.S., which topped analysts’ forecasts of $4.58 billion U.S.
Looking ahead, Micron forecast revenue of $5.30 billion U.S. at the midpoint of its range, which was above the consensus outlook of $4.97 billion U.S.
Micron is a leader in dynamic random-access memory chips that are used in desktop computers and servers, and for flash memory, which is found in smartphones and hard drives.
The company gave a bullish outlook for artificial intelligence (AI) and its potential as a growth catalyst.
On an earnings call with analysts and media, Micron’s leadership team said that generative AI would drive “multiyear growth” at the company.
Micron also said that inventory levels for its memory and storage chips are at normal levels across the computer and mobile sectors.
And the company said that it is working with Nvidia (NVDA) on some upcoming AI chip products.
Before today (Dec. 21), Micron’s stock had gained 56% in 2023 to trade at $78.69 U.S. per share.
