Micron Technology shares soar 20% as AI drives Q2
Micron Technology (MU), all sessions on the IG platform, saw shares climb by a fifth as artificial intelligence memory sales turned an expected loss into a profit.
MU announced second-quarter fiscal 2024 results at an adjusted 42 cents against an expected loss of 26 cents. Revenues also came in higher at $5.82 billion over forecasts of $5.35 billion, up from $3.69 billion in the same quarter last year. The outlook was also an improvement on expectations in its fiscal third quarter. Micron expects to report revenue of $6.60 billion, above the $6.02 billion expected by analysts.
(AI Video Summary)
Micron Q2 earnings causes 20% share price increase
Micron Technology, a company that makes computer memory chips, had a really good second quarter. After releasing their financial results, their stock price went up by 20%. This was because the company did even better than people expected and gave positive predictions for the future.
Instead of losing money like experts thought, they made 42 cents per share. Their revenue was also higher than expected at $5.82 billion. This is a big jump from last year when their revenue was only $3.69 billion. Not only did their income improve, but their net income also went from a loss of $2.3 billion to a gain of $793 billion.
Buying and selling Micron stock
Since the good news came out, lots of people have been buying and selling Micron Technology's stock. At the end of the day, there were no sell orders at a price of $113.70 per share. This is the highest the stock has ever been. Because of this, experts predict that the stock will go up even more today, by about 17-18%.
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