The memory chip maker Micron Technology, Inc. (NASDAQ: MU) reported better-than-expected earnings for its third quarter of fiscal 2020 on Monday after the market close. The company revenue rose to $5.44 billion from $4.79 billion a year earlier.
Earnings per share (EPS) $0.82 vs. $ 0.77 expected
Revenue $5.44 billion vs. $5.31 billion expected
The semiconductor manufacturer expects revenue in the current fourth quarter to be between $5.75 billion and $6.25 billion, the mid-point of which was above analysts’ estimates of $5.48 billion. The company said that it sold double the amount of flash memory storage for the cloud and saw significant growth in cloud DRAM.
“Micron’s exceptional execution in the fiscal third quarter drove strong sequential revenue and EPS growth, despite challenges in the macro environment,” said Micron Technology President and CEO Sanjay Mehrotra. “As we look ahead at the second half, of course, you know, given the total COVID environment and uncertainties around COVID around the globe, we basically have limited visibility, “he added.
On Monday the $MU stock closed up 1.4% during regular trading, to $49.15 and the shares climbed 6% during the extended trading session after the company reported strong earnings results. The stock has a 52 week low of $31.13 and a 52 week high of $61.19.