Micron Technology Reports Strong 2Q Performance, 3Q Guidance — Earnings Review morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
Chips are in hot demand and that’s a problem
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Asa Fitch,
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Semiconductor companies are asking their customers for patience as the industry works through a sharp increase in demand from makers of everything from cars to consumer electronics.
The chip shortage has caused prices to rise for certain semiconductors, delays in filling orders and auto makers to idle factories. If the problems persist, consumers may see delays in getting new cars and some electronic devices, and possibly higher prices.
There is no quick fix to the situation, either. Adding new chip-making machinery can be expensive and slow, and some of the deepest supply problems are taking place with older production lines that are less lucrative for manufacturers.
Shares of the Boise, Idaho-based company rose 1.4% in after-market trading, buoyed by strong demand for Micron s memory chips for laptops and server chips for data centers., , Micron Technology, shares, 5G smartphone, global economy
Provided by Dow Jones By Maria Armental Micron Technology Inc., one of the world s largest memory-chip makers, reported better-than-expected first-quarter financial results and projected second-quarter results ahead of Wall Street expectations pointing to strong broad-based demand. Here s what you need to know. PROFIT: Net income for the quarter surged to $803 million, or 71 cents a share, from $491 million, or 43 cents a share, a year earlier. On an adjusted basis, profit rose to 78 cents a share from 48 cents a share a year earlier. The company had projected 61 cents to 65 cents a share, or 69 cents to 73 cents a share on an adjusted basis, while analysts surveyed by FactSet expected 56 cents a share, or 68 cents a share on an adjusted basis.
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A look at some of the North American equities moving in both directions
On the rise
Shares of
Tesla Inc. (TSLA-Q), which surged more than 700 per cent in 2020, continued to gain on Friday after the vehicle maker launched a cheaper variant of the Model Y, bringing its price closer to that of its Model 3 sedan, its least expensive car.