Shares of Micron Technology Inc. (MU) spiked up 3.7% in afternoon trading Wednesday, after the memory chip maker raised its profit and revenue outlook for the fiscal third-quarter. The company disclosed that it now expects adjusted earnings per share of 75 cents to 80 cents, above the FactSet consensus of 56 cents, and revenue of $5.2 billion to $5.4 billion, which is above expectations of $4.93 billion. When the company reported fiscal second-quarter results on March 25 ( ), the company said it expected adjusted EPS of 55 cents, plus or minus 15 cents, and revenue of $4.6 billion to $5.2 billion. Just before the raised outlook, the stock was trading down 2.6%. It has now lost 6.0% over the past three months, while the PHLX Semiconductor Index has climbed 9.3% and the S&P 500 has advanced 1.1%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 27, 2020 14:06 ET (18:06 GMT)
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