REUTERS: Micron Technology Inc exceeded Wall Street projections for quarterly profit and forecasted fourth-quarter revenue beyond expectations on Wednesday, citing a worldwide move to remote work and expanding 5G smartphone penetration as reasons for the company’s growth. According to IBES statistics from Refinitiv, the chipmaker anticipated current-quarter revenue of US$8.2 billion, plus or minus US$200 million, while analysts on average expected US$7.87 billion.
Micron manufactures NAND memory chips for data storage as well as DRAM memory chips for data centers and computing devices. As demand for laptops and other electronic devices rose as a result of the pandemic-induced global shift toward remote work, it profited. According to IBES statistics from Refinitiv, the company’s revenue for the third quarter ended June 3 increased 36% to US$7.42 billion, exceeding predictions of US$7.24 billion. Excluding items, the firm earned US$1.88 per share in the quarter, compared to US$1.72 per share in the previous quarter. (Akanksha Rana and Niket Nishant in Bengaluru contributed reporting; Devika Syamnath edited the piece.)

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