Shares of Micron Technology (NASDAQ:MU) are still surging in afternoon trade after the U.S. chip maker boosted its outlook for the fiscal third quarter.
The company now expects its revenue for the three months ending in May to fall between US$7.7bn to US$7.8bn, which is far better than its previous guidance of US$7.2bn to US$7.6bn.
Its earnings are also projected to be superior, shooting into the range of US$3.12 to US$3.16, compared to Micron’s previous guidance of US$2.76 to US$2.90 per share.
"Our third quarter results are driven by focused execution of our strategy against a backdrop of healthy industry fundamentals," said Sanjay Mehrotra, president and CEO of Micron.
Investors sent Micron’s shares up by 3.9% to US$55.48 in afternoon trade on the back of the news.