Micron Technology Inc. (NASDAQ: MU) Tuesday said its second-quarter revenues and profit increased in double-digits, aided by strong demand growth. The results also came in above the market’s projection.
On an adjusted basis, second-quarter profit rose sharply to $2.14 per share from $0.98 per share a year ago. The impressive bottom-line performance reflects a 25% growth in revenues to $7.79 billion.
Unadjusted net income was $2.26 billion or $2.00 per share, compared to $603 million or $0.53 per share in the second quarter of 2021. Both revenues and earnings exceeded the consensus estimate.
“We’re leading the industry in technology across DRAM and NAND, and our product portfolio momentum is accelerating. With outstanding first-half results, Micron is on track to deliver record revenue and robust profitability in fiscal 2022,” said Micron’s CEO Sanjay Mehrotra.
Read management/analysts’ comments on Micron’s Q2 earnings
Micron’s stock closed Tuesday’s regular trading higher and continued to gain during the extended session after the announcement. In the past six months, the shares have gained 16%.