Micron stock surges after raising Q4 financial outlook
Photo: Reuters
Micron Technology (NASDAQ: MU) boosted its guidance for the fiscal fourth quarter ending August 28, driven by stronger DRAM pricing and solid operational performance.
The company now expects revenue of $11.2 billion ± $100 million, up from its prior forecast of $10.7 billion ± $300 million, News.Az reports, citing Reuters.
Non-GAAP gross margin is projected at 44.5% ± 0.5%, compared with the earlier 42.0% ± 1.0%, while non-GAAP EPS is now estimated at $2.85 ± $0.07, up from $2.50 ± $0.15.
Analysts expect the firm to earn $2.52 on revenue of $10.74B in the quarter.
MU shares jumped 5.6% premarket.
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