Chipmaker Micron Technology Inc said on Wednesday it is raising its revenue, gross margin and earnings per share forecast for the second quarter, which ends March 4, APA reports citing Reuters
The Boise, Idaho-based company has seen greater demand for its chips with a global shift to remote work due to the COVID-19 pandemic and a recent uptick in 5G smartphone adoption.
Micron now expects revenue to be in the range of $6.20 billion to $6.25 billion, from a previous forecast of $5.6 billion to $6 billion. Analysts, on average, were expecting revenue to be $5.86 billion, according to Refinitiv IBES data.
The company also said it expects adjusted earnings to be between 93 cents per share and 98 cents per share, from a previous range of 68 cents per share to 82 cents per share.
Micron is expected to delve deeper into demand drivers at a Morgan Stanley conference later in the day.
Shares of the company were up 1% in pre-market hours.