Micron Stock Pops on Strong Outlook Driven by 'Robust AI Demand
$Micron Technology (MU.US)$ shares surged in extended trading Wednesday as revenue and outlook exceeded expectations.
The $NVIDIA (NVDA.US)$ partner reported fiscal fourth-quarter revenue nearly doubled year-over-year, driven by "robust AI demand."
CEO Sanjay Mehrotra stated the company expects current-quarter revenue to reach a record high.
Micron projects current-quarter revenue between $8.5 billion to $8.9 billion, exceeding analyst consensus. Earnings per share (EPS) estimates also surpassed expectations.
Shares jumped over 13% to $108.34 in extended trading following the announcement.
The $NVIDIA (NVDA.US)$ partner reported fiscal fourth-quarter revenue nearly doubled year-over-year, driven by "robust AI demand."
CEO Sanjay Mehrotra stated the company expects current-quarter revenue to reach a record high.
Micron projects current-quarter revenue between $8.5 billion to $8.9 billion, exceeding analyst consensus. Earnings per share (EPS) estimates also surpassed expectations.
Shares jumped over 13% to $108.34 in extended trading following the announcement.
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