Micron stock pops 12% on earnings beat driven by AI boom

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The Micron Technology headquarters in Boise, Idaho, on March 28, 2021.

Jeremy Erickson | Bloomberg | Getty Images

Shares of Micron popped more than 12% in extended trading on Wednesday after the company announced second-quarter fiscal 2024 results that beat analysts and offered rosy guidance. The company, which makes memory and storage for computers, said it has benefitted from the artificial intelligence boom.

Here’s how the company did:

  • Earnings per share: 42 cents adjusted vs. 25 cent loss expected by LSEG, formerly known as Refinitiv.
  • Revenue: $5.82 billion vs. 5.35 billion expected by LSEG.

Micron said revenue rose to $5.82 billion from $3.69 billion in the year ago quarter. The company reported a net income of $793 million, up from a net loss of $2.3 billion in the same period last year.

For its fiscal third quarter, Micron expects to report revenue of $6.6 billion, above the $6.02 billion expected by analysts.

“We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI,” Micron CEO Sanjay Mehrotra said in a release.

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