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Micron forecasts quarterly revenue above estimates, shares up -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: MicronTechnology, the U.S. manufacturer of memory chips, is shown at their Frankfurt booth, Germany on July 14th 2015. REUTERS/Kai Pfaffenbach/File Photo

(Reuters) – Micron Technology Inc (NASDAQ) expects third quarter revenue to surpass market estimates Tuesday. This is due to growth in the data center, cloud, and smartphone segments.

After the market, shares of Boise-based company increased 4.5%

It has been able to benefit from global hybrid work, which is driving demand for computer servers, enterprise servers, and memory chips for top customers.

According to Refinitiv data, it forecasts current quarter revenue of $8.7 trillion, plus or minus $200 millions, as compared to analysts’ average of $8.06 billion.

The net income increased to $2.26 Billion from $603 Million last year.

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