Micron forecasts second-quarter revenue above estimates

Micron Technology Inc on Thursday forecast second-quarter revenue above Wall Street estimates as a global shift to remote work and a recent uptick in 5G smartphone adoption drove demand for its chips.

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 struggled with low prices for its chips over the past year because of an abundance of supplies, but Chief Executive Sanjay Mehrotra said supplies are expected to tighten in 2021 as the global economy recovers from the pandemic.