By Maria Armental

 

Micron Technology Inc., one of the world's largest memory-chip makers, reported a strong second-quarter performance and projected third-quarter results ahead of Wall Street expectations. Here's what you need to know.

PROFIT: Net income surged to $603 million from $405 million. On a per-share basis, profit was 53 cents, or 98 cents as adjusted. Micron had projected 51 cents to 56 cents a share, or 93 cents to 98 cents a share as adjusted, while analysts surveyed by FactSet expected 67 cents a share, or 95 cents a share on an adjusted basis.

REVENUE: Revenue rose to $6.24 billion from $4.8 billion a year earlier. Micron projected $6.2 billion to $6.25 billion, while analysts expected $6.19 billion.

OUTLOOK: This quarter, Micron expects a profit of $1.45 to $1.59 a share, or $1.55 to $1.69 a share as adjusted, on $6.9 billion to $7.3 billion in revenue. Analysts expect $1.16 a share, or $1.32 a share on an adjusted basis, on $6.84 billion in revenue.

CEO QUOTE: Chief Executive Sanjay Mehrotra said the company's performance reflected "rapidly improving market conditions and continued solid execution" and pointed to demand trends, driven by artificial intelligence and 5G.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

March 31, 2021 16:25 ET (20:25 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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