Micron’s net income grew 2.9 times in the first fiscal quarter

Micron announced the first quarter completion of the current fiscal year with a 2.9-fold increase in net income over the same term a year previously. It reached the amount of $2.3 billion or $2 4 cents per share. The quarterly revenue of the American company showed an increase of 33.3% to $7.7 billion. Micron forecasts second-quarter earnings per share of $1.85 to $2.55 on revenues ranging from $7.3 billion to $7.7 billion. Sanjay Mehrotra, Chief Executive Officer, said the current fiscal year will be more effective as the supply circumstances stabilize. He expects demand for DRAM chips to increase by 15-19%, while demand for NAND chips could grow by 30%. More than 70% of Micron’s revenue in the quarter came from DRAM chips. The company is targeting $12 billion in capital expenditure for the current fiscal year. Micron gained almost 7% in additional trading.

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Arseny Kudrin

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