(Reuters) – Micron Technology Inc on Wednesday forecast third-quarter revenue above Wall Street estimates due to a rise in demand for its chips, driven by an extended remote working trend and boost from 5G smartphone adoption, sending its shares up 3% in aftermarket trade.
The Boise, Idaho-based company, which makes NAND memory chips that serve the data storage market as well as DRAM chips that are widely used in laptops and other computing devices, benefited from the coronavirus pandemic as a global shift to remote work boosted chip demand.
The chipmaker expects current-quarter revenue to be $7.1 billion, plus or minus $200 million, while analysts on average were expecting $6.79 billion, according to IBES data from Refinitiv.
The company’s revenue for the second quarter rose to $6.24 billion, beating estimates of $6.21 billion, according to IBES data from Refinitiv.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Vinay Dwivedi)
