Micron Technology’s (MU) shares surged 18% in premarket activity at the time of writing as the company unexpectedly reported a profit in fiscal Q2 and revenue soared more than forecast.
After market close on Wednesday, Micron reported fiscal Q2 non-GAAP diluted earnings of $0.42 per share, compared to a loss of $1.91 a year earlier.
Analysts polled by Capital IQ expected a loss of $0.24.
Revenue for the quarter ended Feb. 29 was $5.82 billion, up from $3.69 billion a year earlier.
Analysts surveyed by Capital IQ expected $5.35 billion.
The company said it expects fiscal Q3 non-GAAP diluted EPS of $0.45, plus-minus $0.07.
Analysts surveyed by Capital IQ expect $0.21.
The company expects revenue for the quarter of $6.60 billion, plus-minus $200 million.
Analysts polled by Capital IQ expect $6 billion.
Micron Technology said its board declared a quarterly dividend of $0.115 per share, payable April 16 to shareholders of record April 1.