Micron profit beats, forecasts revenue above estimates

·1-min read
Micron Technology's solid-state drive for data center customers is presented at a product launch event in San Francisco

(Reuters) - Micron Technology Inc on Wednesday beat Wall Street estimates for quarterly profit and forecast fourth-quarter revenue above expectations, as a worldwide shift to remote work and rising 5G smartphone adoption spurred demand for its chips.

The chipmaker forecast current-quarter revenue of $8.2 billion, plus or minus $200 million, while analysts on average were expecting $7.87 billion, according to IBES data from Refinitiv.

Micron makes NAND memory chips that serve the data storage market and DRAM memory chips that are used in data centers and computing devices. It has benefited from the pandemic-induced global shift towards remote work as demand for laptops and other electronic devices soared.

The company's revenue for the third quarter ended June 3 rose 36% to $7.42 billion, beating estimates of $7.24 billion, according to IBES data from Refinitiv.

Excluding items, the company earned $1.88 per share in the quarter, above estimates of $1.72 per share.

(Reporting by Akanksha Rana and Niket Nishant in Bengaluru; Editing by Devika Syamnath)

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