Micron Technology (NASDAQ:MU) unveiled promising guidance for the upcoming quarter following a surprising turn to profit in its Q2, driven by a surge in memory chip prices and increasing demand fueled by AI advancements. Following this announcement, Micron’s shares saw a 16% increase in pre-market today.
In Q2, Micron reported profits of $0.42 per share and revenue totaling $5.82 billion, marking a significant recovery from the previous year’s loss of $1.91 per share and $3.69 billion in revenue. This performance surpassed analysts’ expectations, which had anticipated a loss of $0.26 per share on $3.74 billion in revenue.
For Q3, Micron forecasts earnings per share ranging from $0.38 to $0.52 and revenue around $6.60 billion, with a possible variation of $200 million. This guidance exceeds Wall Street’s predictions, which had estimated earnings of $0.07 per share on $5.98 billion in revenue.