Micron's AI-Driven Chips Boost Stock, Forecasts

Micron Technologys stock surged over six percent in after-hours trading, reaching $155.70, following a significant increase in financial predictions. The company reported revenues of $6.81 billion for the three months ending on May 31st, an 82% year-over-year growth and exceeding their own estimates. They also outperformed analyst expectations with a non-GAAP profit of $0.62 per share. Looking ahead, Micron anticipates even stronger results for the August quarter, with revenues potentially reaching $7.8 billion and profits up to $1.08 per share. The companys CEO attributed these positive results to an improving balance between supply and demand and their AI-driven products leading the industry.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.