Micron Technology, the largest US maker of computer memory chips, gave a strong sales forecast for the current quarter, bolstered by demand for artificial intelligence products.
Fiscal third-quarter revenue will be about US$8.8 billion ($11.75 billion), the company said in a statement Thursday.
That compares with an average analyst estimate of US$8.55 billion. Profit will around US$1.57 a share, excluding certain items, compared with the US$1.48 analysts expected on average.
Micron is seeing strong demand for components used in machines that develop and run artificial intelligence software. Its traditional markets — chips for phones and PCs — have been weaker. But they have been showing signs of recovery.
Micron shares, up 22% this year through Thursday’s close, jumped about 5% in extended trading following the announcement.
