Micron Technology Shares Up 7% After It Raised 3Q Guidance
By Michael Dabaie
Micron Technology Inc. shares were up 7% to $49.07 in afternoon
trading after Chief Executive Sanjay Mehrotra raised the memory
chipmaker's forecasts for third-quarter revenue and profit in an
Mr. Mehrotra spoke at the 2020 Bernstein Strategic Decisions
Conference, according to a Securities and Exchange Commission
filing from the Boise, Idaho, company.
Micron guided for third-quarter revenue of $5.2 billion to $5.4
billion. In late March, the company guided for third-quarter
revenue of $4.6 billion to $5.2 billion.
The company guided for earnings per share of 61 cents to 66
cents. The forecast from March was for EPS of 41 cents, plus or
minus 15 cents.
In its SEC filing, Micron guided for third-quarter adjusted EPS
of 75 cents to 80 cents. Guidance from March was for 55 cents, plus
or minus 15 cents.
Write to Michael Dabaie at firstname.lastname@example.org
(END) Dow Jones Newswires
May 27, 2020 15:51 ET (19:51 GMT)
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