Micron Technology Surges After Posting Strong Q2 Earnings Results
Thursday, 21 March 2024, 16:08
Micron Technology Stock Rally: Key Highlights
The memory chip stock surged on a strong earnings report. Shares of Micron Technology (NASDAQ: MU) were surging today after the memory chip specialist posted better-than-expected results in its fiscal second-quarter earnings report and gave strong guidance due to AI-driven demand.
Micron's Resilience and Growth
- Revenue in the quarter jumped 58% to $5.82 billion from a year ago.
- Profits exceeded expectations, with an adjusted operating profit of $204 million.
- CEO Sanjay Mehrotra attributed the success to excellent execution on pricing, products, and operations.
Overall, Micron's performance reflects its strong position in the semiconductor industry and the promising outlook driven by AI technology.
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