Micron Stock Jumps 16% on Q2 Beat & Strong Guidance

Micron Stock Jumps 16% on Q2 Beat & Strong Guidance March 21, 2024, 10:05 a.m., readers: 5

Micron Technology (NASDAQ:MU) unveiled promising guidance for the upcoming quarter following a surprising turn to profit in its Q2, driven by a surge in memory chip prices and increasing demand fueled by AI advancements. Following this announcement, Micron's shares saw a 16% increase in pre-market today. In Q2, Micron reported profits of $0.42 per share and revenue totaling $5.82 billion, marking a significant recovery from the previous year's loss of $1.91 per share and $3.69 billion in revenue. This performance surpassed analysts' expectations, which had anticipated a loss of $0.26 per share on $3.74 billion in revenue. For Q3, Micron forecasts earnings per share ranging from $0.38 to $0.52 and revenue around $6.60 billion, with a possible variation of $200 million. This guidance exceeds Wall Street's predictions, which had estimated earnings of $0.07 per share on $5.98 billion in revenue.

About NASDAQ: MU

M icron Technology, Inc. designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit.

Price: 121.77
Market cap: 134.8 billion USD
Eps: -3.43
P/e ratio: -35.50
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