Skip to main content

Advertisement

Advertisement

Business

Micron profit beats, forecasts revenue above estimates

Micron Technology Inc on Wednesday beat Wall Street estimates for quarterly profit and forecast fourth-quarter revenue above expectations, as a worldwide shift to remote work and rising 5G smartphone adoption spurred demand for its chips.

Micron profit beats, forecasts revenue above estimates

Micron Technology's solid-state drive for data center customers is presented at a product launch event in San Francisco, U.S., October 24, 2019. REUTERS/Stephen Nellis/File Photo GLOBAL BUSINESS WEEK AHEAD

Micron Technology on Wednesday (Jun 30) beat Wall Street estimates for quarterly profit and forecast fourth-quarter revenue above expectations, as a worldwide shift to remote work and rising 5G smartphone adoption spurred demand for its chips.

The chipmaker forecast current-quarter revenue of US$8.2 billion, plus or minus US$200 million, while analysts on average were expecting US$7.87 billion, according to IBES data from Refinitiv.

Micron makes NAND memory chips that serve the data storage market and DRAM memory chips that are used in data centres and computing devices. It has benefited from the pandemic-induced global shift towards remote work as demand for laptops and other electronic devices soared.

The company's revenue for the third quarter ended Jun 3 rose 36 per cent to US$7.42 billion, beating estimates of US$7.24 billion, according to IBES data from Refinitiv.

Excluding items, the company earned US$1.88 per share in the quarter, above estimates of US$1.72 per share.

Source: Reuters

Advertisement

Also worth reading

Advertisement