The Micron Expertise headquarters in Boise, Idaho, on March 28, 2021.
Jeremy Erickson | Bloomberg | Getty Photographs
Shares of Micron popped greater than 14% in prolonged buying and selling on Wednesday after the corporate introduced second-quarter fiscal 2024 outcomes that beat analysts and supplied rosy steering. The corporate, which makes reminiscence and storage for computer systems, mentioned it has benefitted from the synthetic intelligence increase.
Here is how the corporate did:
- Earnings per share: 42 cents adjusted vs. 25 cent loss anticipated by LSEG, previously often called Refinitiv.
- Income: $5.82 billion vs. 5.35 billion anticipated by LSEG.
Micron mentioned income rose to $5.82 billion from $3.69 billion within the yr in the past quarter. The corporate reported a internet revenue of $793 million, up from a internet lack of $2.3 billion in the identical interval final yr.
For its fiscal third quarter, Micron expects to report income of $6.6 billion, above the $6.02 billion anticipated by analysts.
“We consider Micron is without doubt one of the largest beneficiaries within the semiconductor trade of the multi-year alternative enabled by AI,” Micron CEO Sanjay Mehrotra mentioned in a launch.
Micron has lengthy offered reminiscence and flash storage for computer systems, information facilities and telephones. Massive information facilities are used to energy the inflow of latest AI software program. Whereas Nvidia has grabbed a lot of the highlight for its graphics processing items that run AI, firms like Micron profit by offering the reminiscence and storage for these methods.
