Micron Gains on Strong Forecast Buoyed by Data Center Demand

Company has been contending with sluggish phone and PC markets
CEO expects 2024 to be a rebound year for battered industry

Micron offices in San Jose, California.
Photographer: David Paul Morris/Bloomberg

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By Ian King

December 20, 2023 at 9:07 PM UTC

Updated on

December 21, 2023 at 12:04 PM UTC

This article is for subscribers only.

Shares of Micron Technology Inc. gained about 6% in premarket trading Thursday after the largest US maker of memory semiconductors gave a strong revenue forecast, indicating that data center demand is compensating for a slowly recovering market for personal computers and smartphones.

Fiscal second-quarter revenue will be $5.1 billion to $5.5 billion, the company said in a statement Wednesday. That compares with an average analyst estimate of $4.99 billion. Excluding certain items, Micron will have a loss of 21 cents to 35 cents — narrower than the 62 cents projected by analysts.