Micron Technology posted fiscal-second-quarter adjusted earnings that surpassed Wall Street expectations.
The chipmaker’s adjusted earnings for the quarter ended March 4 came in at 98 cents a share – doubling from the year-ago quarter’s 45 cents – and topping the 95 cents expected by analysts polled by FactSet.
Revenue for the quarter climbed +30% year-over-year to $6.24 billion , compared to analysts’ estimates of $6.19 billion.
"Our technology leadership in both DRAM and NAND places Micron in an excellent position to capitalize on the secular demand driven by [Artificial Intelligence] and 5G," President and Chief Executive Sanjay Mehrotra said in a statement.
For the for the fiscal third quarter, Micron is expecting revenue of $7.1 billion, plus or minus $200 million, which represents +14% increase from fiscal-second-quarter revenue. Analysts surveyed by FactSet were expecting $6.83 billion for fiscal Q3.
Micron projects GAAP earnings of $1.52 a share, plus or minus 7 cents. The FactSet survey is expecting $1.16, or an adjusted $1.32.