Micron Rallies After Chip Demand Drives Bullish Forecast
- CEO Sanjay Mehrotra predicts record revenue for fiscal 2022
- Broader range of uses for memory and storage propels growth
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Micron Technology Inc., the largest U.S. maker of memory chips, jumped in late trading after giving an upbeat forecast for the current quarter, helped by demand from networking, data-center and automotive customers.
Sales will be about $7.5 billion in the period ending in February, Micron said Monday in a statement. That compares with analysts’ average estimate of $7.32 billion, according to data compiled by Bloomberg. Excluding certain items, profit will be about $1.95 a share, the company said. Analysts projected $1.86.