Micron Technology beat analysts' estimates for third-quarter revenue on Wednesday, driven by demand for its memory chips from the fast-growing artificial intelligence sector.
The company logo is seen on the Micron Technology Inc. offices in Shanghai, China May 25, 2023. REUTERS/Aly Song/File Photobeat analysts' estimates for third-quarter revenue on Wednesday, driven by demand for its memory chips from the fast-growing artificial intelligence sector.CEO Sanjay Mehrotra said customers continued to reduce their excess inventory in the quarter with inventories in the PC and smartphone segments being close to normal levels.
Micron reported revenue of $3.75 billion for the quarter ended May 31, compared with estimates of $3.65 billion, according to IBES data from Refinitiv. The proliferation of generative AI will likely fuel a jump in demand for data to feed large language models and could boost the need for more storage chips, analysts have said.
Micron, the biggest U.S. memory chipmaker, has said that it expects the ban to impact about half of its revenue from China-headquartered firms, which equates to a low-double-digit percentage of total revenue.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Micron stock rises as CEO calls bottom in memory-chip marketMicron shares rose in the extended session Wednesday after $MU's chief executive called the bottom on the sector, and revenue came in slightly higher than expected. The company reported a third-quarter loss of $1.9 billion.
Lire la suite »
Woman's body found 27 years ago along 60 Freeway identified using DNA technologyAfter nearly three decades of wondering and searching, Juana Rosas-Zagal’s four daughters finally came one step closer to justice.
Lire la suite »
'Tipping has gotten out of hand': Arizonans torn on gratuity as technology ramps up tip requestsThe practice used to be primarily reserved for sit-down restaurants and hotels. Now the option to tack on 20% is commonplace at every coffee shop, corner store, and fast casual counter. MORE ⬇️
Lire la suite »
I Used AI Technology To Animate These Celebs, And The Results Are Actually IncredibleThe AI pic of Chris Evans is giving hot Pixar dad.
Lire la suite »
CACI International wins $5.7 bln contract for technology services to air and space personnelCACI International Inc stock is up 0.8% in premarket trades on Tuesday after the company said it has been awarded a $5.7 billion blanket purchase agreement...
Lire la suite »
GSI Technology stock rises 3% premarketShares of GSI Technology Inc. rose 3% premarket after ending Monday’s session down 5%, where they outpaced the S&P 500 index’s decline of 0.5%. The...
Lire la suite »