Shares of memory-chip giant Micron Technology (MU) are up $1.54, or almost 3%, at $60.49, in late trading, after the company this afternoon reported fiscal Q3 revenue and profit that both beat expectations, despite having already pre-announced a higher projected results in late May, and forecast revenue and profit this quarter higher as well.
Micron’s revenue in the three months ended in May rose 40%, year over year, to $7.8 billion, yielding earnings per share of $3.15.
Gross profit margin came in at 61%, on a non-GAAP basis, up 2.5 percentage points from Q2’s level, and 48% higher than a year earlier.
During this evening’s call, Mehrotra and team projected revenue this quarter of $8 billion to $8.4 billion, higher than the average estimate for $8 billion, and EPS of $3.23 to $3.37, higher than the average estimate for $3.17 per share.
Yeppers, I like Micron. Roughly 15% of my portfolio.