By Maria Armental
Micron Technology Inc.'s profit surged in the latest period with 5G, artificial intelligence and electric vehicles' higher adoption driving demand growth.
Shares rose 3.6% to $85 in after-hours trading on the earnings beat.
Micron, one of the world's largest memory-chip makers, reported a second-quarter profit of $2.26 billion, compared with $603 million a year earlier. On a per-share basis, profit was $2, or $2.14 as adjusted.
Revenue rose to $7.79 billion from $6.24 billion a year earlier.
Micron had projected $1.73 to $1.93 a share, or $1.85 to $2.05 a share as adjusted, on $7.3 billion to 7.7 billion in revenue. Meanwhile, analysts surveyed by FactSet expected a profit of $1.87 a share, or $1.98 a share as adjusted, and $7.53 billion in revenue.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
03-29-22 1628ET