Micron Technology Reports Strong 2Q Performance, 3Q Guidance -- Earnings Review
March 31 2021 - 04:40PM
Dow Jones News
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)
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