Micron Stock Jumps 18% After Strong Earnings, Upbeat GuidanceKey Level to Watch [Video]

Micron Technology (MU) shares soared 18% in extended trading Wednesday after the memory and storage chip maker reported quarterly results that sailed past Wall Street’s expectations and issued a better-than-expected outlook amid artificial intelligence (AI)-driven demand.

The Boise, Idaho-based company posted fiscal second-quarter adjusted earnings of 42 cents per share, up from a loss of $1.91 a share in last year’s corresponding quarter and significantly ahead of analysts’ expectations for a loss. Revenues in the period of $5.82 billion grew from $3.69 billion a year earlier and handily topped the $5.34 billion consensus view.

Looking ahead, the memory chip maker projects current-quarter midpoint adjusted earnings of 45 cents per share on revenue of $6.6 billion, plus or minus $200 million. Both metrics far surpass the Street expectation of 8 cents a share on sales of $5.98 billion.

“We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity …