Micron Technology Shares Up 7% After It Raised 3Q Guidance

By Michael Dabaie

Micron Technology Inc. shares were up 7% to $49.07 in afternoon trading after Chief Executive Sanjay Mehrotra raised the memory chipmaker's forecasts for third-quarter revenue and profit in an investor presentation.

Mr. Mehrotra spoke at the 2020 Bernstein Strategic Decisions Conference, according to a Securities and Exchange Commission filing from the Boise, Idaho, company.

Micron guided for third-quarter revenue of $5.2 billion to $5.4 billion. In late March, the company guided for third-quarter revenue of $4.6 billion to $5.2 billion.

The company guided for earnings per share of 61 cents to 66 cents. The forecast from March was for EPS of 41 cents, plus or minus 15 cents.

In its SEC filing, Micron guided for third-quarter adjusted EPS of 75 cents to 80 cents. Guidance from March was for 55 cents, plus or minus 15 cents.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

May 27, 2020 15:51 ET (19:51 GMT)

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