Micron stock soars 14% on profit growth from AI boom
Micron Technology headquarters in Boise, Idaho, March 28, 2021.
Jeremy Erickson Bloomberg | Getty Images
shares of micron Shares rose more than 14% in after-hours trading Wednesday after the company's announcement. 2nd quarter results of FY2024 It beat analysts and provided rosy guidance. 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 a 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.
Summarize this content to 100 words Micron Technology headquarters in Boise, Idaho, March 28, 2021.Jeremy Erickson Bloomberg | Getty Imagesshares of micron Shares rose more than 14% in after-hours trading Wednesday after the company's announcement. 2nd quarter results of FY2024 It beat analysts and provided rosy guidance. 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 a 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.
https://www.cnbc.com/2024/03/20/shares-of-micron-pop-12percent-on-earnings-beat-driven-by-ai-boom.html Micron stock soars 14% on profit growth from AI boom