(Reuters) -Micron Technology Inc on Monday forecast second-quarter revenue above market estimates as the pandemic-driven shift to remote working drives up demand for its memory chips.
The company makes both the NAND memory chips that serve the data storage market and the DRAM memory chips that are widely used in data centers, personal computers and other devices.
Strong demand and an industry-wide shortage of the chips have also allowed Micron, one of the world’s biggest memory chip suppliers, to charge higher prices for its products.
The company expects revenue for the current quarter to be $7.5 billion, plus or minus $200 million, compared with analysts’ average estimate of $7.27 billion, according to Refinitiv data.
In the first quarter, Micron earned $2.16 per share on an adjusted basis, beating expectations of $2.11 per share.
Its shares rose 5.7% to $87.7 in extended trading.
(Reporting by Akash Sriram in Bengaluru; Editing by Aditya Soni)
