Micron (MU) Roars on Demand Guidance

Micron Technology Inc. (NASDAQ:MU) soars on strong results and guidance on product demand.

Shares of Micron are trading over 8 percent on the day after the company posted better-than-expected results and gave strong guidance for future demand for its products.

“Micron suggested that demand signals from their customers are improving,” Citigroup analyst Glen Yeung said in a note. “PC build activity is improving post a weak January and February. Server demand remains stable and smartphone demand remains strong.”

Micron reported a fiscal second-quarter net income fell to $72 million, or 7 cents a share, compared with $365 million, or 39 cents a share, in the same period a year earlier. Revenue rose to $2.3 billion.

Analysts had been looking for the company to report earnings of 3 cents a share, and $2.1 billion in revenue, according to data from FactSet Research.