From Financial Modeling Prep: 2024-09-26 08:46:00

Shares of Micron (NASDAQ:MU) surged over 16% in pre-market trading after the chipmaker issued strong guidance for the current quarter, driven by increased demand for memory chips in AI applications. Micron reported Q4 earnings of $1.18 per share on revenue of $7.75 billion, beating analysts’ expectations.

For the fiscal first quarter, Micron projected adjusted earnings of $1.74 per share on revenue of $8.7 billion, exceeding Wall Street estimates. CEO Sanjay Mehrotra highlighted strong demand from data center customers, with healthy inventory levels. Demand for HBM chips has helped offset challenges in PC and smartphone markets due to economic uncertainty.



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