Micron Technology headquarters in Boise, Idaho, on March 28, 2021.
Jeremy Erickson | Bloomberg | Getty Images
shares Micron Its shares rose more than 14% in extended trading Wednesday after the company reported fiscal 2024 second-quarter results that beat analysts and provided rosy guidance. The company, which makes memory and storage for computers, said it had benefited from the artificial intelligence boom.
Here's how the company did:
Earnings per share: 42 cents, adjusted for a loss of 25 cents expected from LSEG, formerly known as Refinitiv. Revenue: $5.82 billion vs. $5.35 billion expected from LSEG.
Micron said revenue rose to $5.82 billion from $3.69 billion in the same quarter last year. The company reported net income of $793 million, compared to a net loss of $2.3 billion in the same period last year.
For the fiscal third quarter, Micron expects to report revenue of $6.6 billion, higher than the $6.02 billion that analysts had expected.
“We believe Micron is one of the semiconductor industry's biggest beneficiaries of the multi-year opportunity presented by artificial intelligence,” Micron CEO Sanjay Mehrotra said in a statement.
Micron has long provided memory and flash storage for computers, data centers and phones. Large data centers are used to support the influx of new AI programs. While Nvidia has grabbed a lot of the limelight for its AI-powered GPUs, companies like Micron are cashing in on providing memory and storage for those systems.
