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March 28, 2021 at Micron Technology headquarters in Boise, Idaho.
Jeremy Erickson Bloomberg | Getty Images
Micron’s stock soared more than 14% in after-hours trading on Wednesday after the company reported second-quarter fiscal 2024 results that outperformed analysts and offered a rosy outlook. The company, which makes memory and storage for computers, said it is benefiting from the artificial intelligence boom.
The company’s initiatives include:
- Earnings per share: Adjusted loss of 42 cents, LSEG (formerly Refinitiv) expected loss of 25 cents.
- Revenue: $5.82 billion versus LSEG’s forecast of $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 in the year-ago period.
Micron expects fiscal third-quarter sales of $6.6 billion, beating analysts’ expectations of $6.02 billion.
“We believe Micron is one of the semiconductor industry’s biggest beneficiaries of the multi-year opportunities enabled by AI,” Sanjay Mehrotra, Micron’s CEO, said in the release. Ta.
Micron has been providing memory and flash storage for computers, data centers, and phones for years. Large data centers are being used to facilitate the influx of new AI software. Nvidia gets a lot of attention for its graphics processing units that run AI, but companies like Micron also make money by providing memory and storage for those systems.
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