MU - Will Micron Technology's Magnificent Stock Market Rally Continue After June 26?
2024-06-14 04:45:00 ET
Shares of Micron Technology (NASDAQ: MU) have been red-hot in 2024 with impressive gains of 58% so far, outperforming the PHLX Semiconductor Sector index's gains of 28% by a handsome margin. The recovery in the memory market, in terms of both demand and pricing, has been central to Micron's eye-popping surge as its financial results have been improving tremendously.
However, Micron's stock-market rally will be put to the test on June 26, when the company releases its fiscal 2024 third-quarter results. Let's see if the memory specialist can once again deliver a solid set of results and guidance and maintain its stock-market momentum.
Micron's revenue in the second quarter of fiscal 2024 (which ended on Feb. 29) jumped 58% year over year. The chipmaker also posted a non-GAAP (adjusted) profit of $0.42 per share, compared to a loss of $1.91 per share in the same period last year. Micron's numbers were well ahead of Wall Street's expectations thanks to the healthy demand for its memory chips, driven by the growing demand for applications related to artificial intelligence (AI) .
For further details see:
Will Micron Technology's Magnificent Stock Market Rally Continue After June 26?