Micron Spikes On Earnings Beat, Strong Revenue

Shares of Micron Technology, Inc. MU traded higher by more than 7.5 percent in Thursday’s after-hours session, following the release of the company’s second quarter earnings report.

  • EPS of $0.90 beat the Street’s consensus by $0.05.
  • Revenue of $4.65 billion, up 58.7 percent year-over-year, was in line with expectations.

CEO Mark Durcan attributed the robust results to "Strong demand and limited industry supply for NAND and DRAM solutions, combined with significant progress” on Micron’s cost reduction plan.

"I'm proud of the team's execution on critical technology and operational initiatives, which will allow us to continue to capitalize on market trends,” he added.

Management didn't provide guidance for the third quarter or full year.

Find the full press release following here.

Shares traded recently at $28.50, up 7.7 percent.

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Posted In: EarningsNewsAfter-Hours CenterMoversTech
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