Micron shares jump on earnings beat, rosy guidance as data center revenue triples

Core Insights - Micron's shares increased by 6% in extended trading following the release of second-quarter results that exceeded analysts' expectations and provided optimistic guidance [1] - The company reported a revenue increase of 38% year-over-year, reaching $5.82 billion, with net income rising to$1.58 billion or $1.41 per share, compared to$793 million or 71 cents per share in the same quarter last year [1] - Data center revenue tripled, indicating strong demand in that segment [2] Financial Performance - For the fiscal third quarter, Micron anticipates revenue of approximately $8.8 billion, surpassing the average analyst estimate of$8.5 billion [2] - Adjusted earnings are projected to be around $1.57 per share, exceeding the average estimate of$1.47 [2] - The adjusted earnings per share for the recent quarter were reported at $1.56, compared to the expected$1.42 [3] - Total revenue for the recent quarter was $8.05 billion, higher than the expected$7.89 billion [3] Market Context - Prior to the earnings announcement, Micron's shares had risen 22% for the year, contrasting with a more than 8% decline in the Nasdaq index [2]