Micron Technology Inc. shares jumped in after-hours trading Monday after the memory-chip maker said sales jumped in the third quarter and are expected to exceed expectations in the final period of its fiscal year.
reported fiscal third-quarter net income of $803 million, or 71 cents a share, compared with $840 million, or 74 cents a share, in the year-ago period. Adjusted earnings were 82 cents a share, compared with $1.05 a share in the year-ago period. Revenue rose to $5.44 billion from $4.79 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast adjusted earnings of 75 cents a share on revenue of $5.27 billion. Shares gained more than 5% in after-hours trading immediately following the release of the results, following a 1.4% gain in the regular session to close at $49.15.
Micron had already informed investors that it would outperform its original expectations. In late May, Micron forecast adjusted earnings of 75 cents to 80 cents a share and revenue of $5.2 billion to $5.4 billion, up from its forecast of 40 cents to 70 cents a share on revenue of $4.6 billion to $5.2 billion back in March.
Micron specializes in DRAM and NAND memory chips. DRAM, or dynamic random access memory, is the type of memory commonly used in PCs and servers, while NAND chips are the flash memory chips used in USB drives and smaller devices, such as digital cameras. While the COVID-19…