By Colin Kellaher

 

Micron Technology Inc. on Tuesday raised forecasts for several key metrics for its fiscal first quarter, which ends Wednesday.

The Boise, Idaho, memory chip maker said it now expects to post adjusted earnings of 69 cents to 73 cents a share for the quarter, up from a prior forecast of 40 cents to 54 cents a share.

Analysts polled by FactSet, on average, were expecting an adjusted profit of 51 cents a share.

Micron said it now expects quarterly revenue of $5.7 billion to $5.75 billion, up from prior guidance of $5 billion to $5.4 billion and ahead of the $5.29 billion Wall Street was expecting.

Micron said it expects its adjusted gross margin to come in at 29.5% to 30.5% for the quarter, compared with earlier guidance of 26.5% to 28.5%.

Shares of Micron, which closed Monday at $64.09, rose about 2% in premarket trading Tuesday.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

December 01, 2020 09:45 ET (14:45 GMT)

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