Micron Technology rises on upbeat Q2 earnings, Q3 guidance

Micro Technology could target a fresh all time high after beating Q2 earnings and sales forecasts & providing a bullish outlook.

Tech (2)

 

Micron Technology is looking at a strong start on the open, trading 4.8% higher pre-market.

The company’s second quarter results beat estimates whilst third quarter guidance also topped expectations.

The memory maker reported second quarter EPS of $0.53 versus $0.36 a year earlier.

Sales were also up at $6.24 billion versus $4.8 billion the same period a year earlier.

Looking ahead Micron expects EPS $1.62 on third quarter sales of $7.1 billion, analysts has been expecting guidance in the region of EPS at $1.34 on revenue of $6.85 billion.

Micron Technology has rallied hard across the past few months before hitting an all time high of 96 in early March. A break above 93.00 today could see the bulls look to retake this level.

Micron stocks rallied 110% over the past year as the PHLX Semiconductor Index jumped 107%.


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