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Micron Jumps on Strong Momentum in Data Centers, EVs, Mobiles

Stock Markets Dec 21, 2021 05:33AM ET
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© Reuters

By Dhirendra Tripathi

Investing.com – Micron Technology stock (NASDAQ:MU) surged 6.5% in Tuesday’s premarket trading as a robust start to the chipmaker's financial year led it to promise a record year of sales with “solid profitability”.

Revenue in the quarter ended December 2 jumped by a third to $7.7 billion, driven by strong demand for its memory and storage chips from a variety of clients including data centers, mobiles, graphics and automotive clients. Adjusted profit per share climbed 177% year-on-year to $2.16, easily beating estimates.

Growth of over 70% in data center revenue, in particular, more than offset a slowdown in demand from the PC market.

President and CEO Sanjay Mehrotra said 5G, Artificial Intelligence, and Electric Vehicle adoption are fueling demand growth, and the company will raise capital spending to between $11 billion and $12 billion in the current year to meet that.

The company expects the current tight supply of components to ease gradually through the year, arguing that its volume-based supply pacts and strategic agreements should help it ride out any broader market disruptions.

Micron expects revenue of around $7.5 billion in the current quarter and a gross margin of around 46%.

 

Micron Jumps on Strong Momentum in Data Centers, EVs, Mobiles
 

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Comments (2)
Rustam Garaev
235666 Dec 21, 2021 6:38AM ET
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company health is as not good as always.. current numbers are lower than 2018 numbers
jason xx
jason xx Dec 21, 2021 5:55AM ET
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last quarter it tanked because of "weak demand" what a joke this circus is
 
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