Micron Tops Results in Q1, Delivers Upbeat Guidance on DRAM Momentum

Micron Tops Results in Q1, Delivers Upbeat Guidance on DRAM Momentum

© Reuters.  © Reuters.

By Yasin Ebrahim

Investing.com – Micron reported fiscal second-quarter earnings guidance that topped estimates Tuesday, and first-quarter results that topped expectations as a recovery in chip memory demand underpinned by an acceleration in the growing number of moving into the digital age.

Micron Technology (NASDAQ:MU) shares gained 1% in after-hours trade following the report.

The company guided fiscal second-quarter EPS of 68 cents to 82 cents, above estimates for EPS of 64 cents, and revenue of $5.6 billion to $6.0 billion, just above consensus of $5.52 billion.

"We are excited about the strengthening DRAM industry fundamentals," said President and Chief Executive Sanjay Mehrotra. "For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge.”

Micron announced earnings per share of 78 cents on revenue of $5.77 billion. Analysts polled by Investing.com anticipated EPS of 69 cents on revenue of $5.66 billion.

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