Micron Technology’s stocks jumped to 3.7%, revenue forecast raised for the third quarter

28.05.2020 - Davydova Maria
Micron Technology’s stocks jumped to 3.7%, revenue forecast raised for the third quarter

On Wednesday, American computer manufacturer Micron Technology Inc (MU.O) raised its revenue forecast to a range of $5.2 billion to $5.4 billion from $4.6 billion to $5.2 billion for the third quarter. The company’s shares jumped to 3.7% in the afternoon trade.

“We had strong demand from our customers – notably in the data center space – and that demand has been driven mostly due to the work-from-home economy, the increased load on the server infrastructure because of everyone working from home, entertaining from home,” Micron’s Chief Business Officer Sumit Sadana said in an interview with Reuters.

According to IBES data from Refinitiv, the company expects revenue worth $4.93 billion and adjusted earnings of 56 cents per share.

Samsung Electronics Co Ltd.’s shares (005930.KS), the world’s biggest memory chip maker, spiked up by 2.6% to 51,200 Won while its domestic rival SK Hynix (000660.KS) has gained 4.4% to 85,000 Won by 0109 GMT.

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