Economy

Micron shares rise more than 4% after earnings report

Micron shares rise more than 4% after earnings report”

The share price has gained 123.07% from its 52-week low with a 52-week trading range of $16.17 - $36.60.The company's shares are now trading above their 200-day moving average.

The memory-chip maker has been running strong for the past year, thanks to booming prices of both NAND flash and DRAM memory.

For the current quarter, the company forecast, in a separate table at the bottom of its 8-K filing, revenue in a range of $6.1 billion to $6.5 billion, and EPS in a range of $2.09 to $2.23, above the consensus for $6.06 billion and $1.84.

What's more, the stock's 50-day moving average of $31.03 is greater than its 200-day moving average of $29.54. Average selling prices of NAND jumped 5 percent in the latest reported quarter.

CEO Sanjay Mehrotra called the results "exceptional", crediting "solid execution and robust demand for our memory and storage solutions". Earnings, adjusted for one-time gains and costs, came to $2.02 per share.

Net income attributable to Micron was $2.37 billion, or $1.99 per share, in the quarter ended August 31, compared with a loss of $170 million, or 16 cents per share, a year earlier.

Micron's compute and networking business unit (CNBU), which accounted for about 46 percent of the company's total fourth-quarter revenue, reported a 7 percent rise in revenue.

The company's net sales jumped 90.8 percent to $6.14 billion. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.84 per share.



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