FILE PHOTO: The logo of U.S. memory chip maker MicronTechnology is pictured at their booth at an industrial fair in Frankfurt, Germany, July 14, 2015. REUTERS/Kai Pfaffenbach/File Photo

March 29, 2022

(Reuters) – Micron Technology Inc forecast third-quarter revenue above market estimates on Tuesday, driven by growth in its data centers, cloud and smartphones segments.

Shares of the Boise, Idaho-based company rose 4.5% after market.

The company has benefited from the global shift to hybrid work powering demand for computers, enterprise servers and other top customer segments for its memory chips.

It forecast current-quarter revenue of $8.7 billion, plus or minus $200 million, compared with analysts’ average estimate of $8.06 billion, according to Refinitiv data.

Net income rose to $2.26 billion from $603 million last year.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath)

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