Micron Technology (NASDAQ: MU) reported quarterly earnings of $4.78 per share and revenue of $13.6 billion for the quarter ending in November, surpassing analyst expectations of $3.96 per share and $12.9 billion in sales. The company’s guidance for the next quarter is notably strong, with projected revenue reaching $18.7 billion, significantly above the consensus estimate of $14.3 billion.
Following the earnings release, Micron shares surged by 7.5%, aligned with broader market gains where the S&P 500 and Nasdaq Composite rose by 0.8% and 1.1%, respectively. Analysts attribute this performance to increasing demand for memory chips in artificial intelligence applications, highlighting Micron’s strategic position in a market grappling with supply shortages.
