Shares of Micron Technology (MU) are up 17% after the technology concern announced financial results that beat Wall Street forecasts and provided upbeat forward guidance.
The company, which makes memory and storage for computers and specializes in USB flash drives, reported earnings per share (EPS) of $0.42 U.S. compared to a loss of $0.25 U.S. that was expected among analysts who cover the company.
Revenue in what was Micron’s fiscal second quarter totaled $5.82 billion U.S. versus $5.35 billion U.S. expected on Wall Street.
Micron’s management team said that the company is benefitting from the current artificial intelligence (A.I.) boom, with demand for its memory and computer data storage products rising.
Looking ahead, Micron executives said they expect to report revenue of $6.60 billion U.S. for the current quarter, which is above the $6.02 billion U.S. that was expected by analysts.
Micron is a long-term provider of memory and flash storage for computers, data centers and cell phones. The company provides memory and storage for new A.I. systems around the world.
Prior to today (March 21), Micron’s stock had risen 64% over the last 12 months to trade at $96.25 U.S. per share.
