Micron Technology Inc on Wednesday raised its revenue forecast for the third quarter to a range of US$5.2 billion to US$5.4 billion, from US$4.6 billion to US$5.2 billion, sending its shares about 3 percent higher.
The memorychip maker said in a regulatory filing that it expected adjusted earnings per share of between US$0.75 and US$0.80.
“We had strong demand from our customers — notably in the data center space — and that demand has been driven mostly due to the work-from-home economy, the increased load on the server infrastructure because of everyone working from home, entertaining from home,” Micron chief business officer Sumit Sadana told reporters in an interview.
Micron also saw increased sales of server chips to retailers expanding their e-commerce operations to handle extra demand while many physical retail locations were shuttered due to the COVID-19 pandemic, Sadana said.
Micron also saw increased sales of laptop memory chips for work and education at home.
Analysts had expected revenue of US$4.93 billion and adjusted earnings per share of US$0.56, Refinitiv data showed.
South Korean chip stocks yesterday rose on Micron’s third-quarter revenue guidance.
“When the semiconductor industry turns around, both memory and non-memory chips tend to move almost together,” CIMB Investment Bank Bhd analyst Lee Do-hoon told Bloomberg News in Seoul.
In Seoul, shares of Samsung Electronics Co Ltd, the world’s biggest memorychip maker, yesterday rose 1 percent to 50,400 won, while domestic rival SK Hynix Inc gained 3.1 percent to 83,900 won.
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