Day: December 1, 2020

Here’s Why Micron Technology Stock Jumped Today

What happened

Shares of Micron Technology (NASDAQ:MU) were trading 6.2% higher by 11:50 a.m. EST, boosted by a fresh set of guidance targets for the first quarter of fiscal year 2021. The memory chip giant’s stock had risen as much as 7.1% in earlier trading.

So what

The midpoint of Micron’s revenue guidance was boosted from $5.2 billion to $5.73 billion. Gross margins are turning out to be wider than expected. Micron’s adjusted first-quarter earnings are now seen landing near $0.71 per share, up from $0.47 per share. Analyst estimates were roughly in line with Micron’s guidance midpoints.

The new guidance figures work out to a 48% year-over-year earnings boost and revenue growth of approximately 12%.

A large number of arrows pointing upward, rendered on top of a circuit board in shades of blue.

Image source: Getty Images.

Now what

Micron’s surprisingly strong results rested mostly on huge demand from data center customers. This way, Micron taps into the rising demand for cloud-based services amid the

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