Why Micron Stock Is Moving Higher After Hours

Micron Technology Inc MU is trading higher in Tuesday's after-hours session after the company reported better-than-expected financial results and issued third-quarter guidance above anlayst estimates.

Micron reported fiscal second-quarter revenue of $7.79 billion, which beat the $7.52 billion estimate. The company reported quarterly adjusted earnings of $2.14 per share, which beat the estimate of $1.97 per share.

"Micron's excellent second quarter results exceeded the high end of our guidance for both revenue and margin, reflecting our strong execution," said Sanjay Mehrotra, president and CEO of Micron.

Micron expects third-quarter revenue to be between $8.5 billion and $8.9 billion versus the $8.06 billion estimate. The company expects adjusted earnings to be between $2.36 and $2.56 per share versus the estimate of $2.21 per share.

MU 52-Week Range: $65.67 - $98.45

The stock was up 2.99% in after hours at $84.38 at press time.

Photo: courtesy of Micron.