Micron Technology Inc. (NASDAQ: MU) reported stronger-than-expected revenues and earnings for the second quarter. The market responded positively to the impressive results and the chipmaker’s stock gained during Wednesday’s extended trading session.
Second-quarter profit, excluding one-off items, more than doubled to $0.98 per share from $0.45 per share a year ago. The bottom-line growth was driven by a 30% increase in revenues to $6.24 billion.
Unadjusted profit was $603 million or $0.53 per share, compared to $405 million or $0.36 per share in the second quarter of 2020.
“Our technology leadership in both DRAM and NAND places Micron in an excellent position to capitalize on the secular demand driven by AI and 5G, and to deliver new levels of user experience and innovation across the data center and intelligent edge,” said Micron’s CEO Sanjay Mehrotra.
Read management/analysts’ comments on Micron’s Q2 earnings
Both revenues and earnings exceeded the consensus estimate. Micron’s stock closed Wednesday’s regular session higher and continued to gain in the after-hours.