Chip giant Micron reported a nearly 15-fold surge in quarterly profits, sending shares in the $1.3tn group rallying sharply and boosting global markets on Thursday.
The US tech company said its net income jumped to $28.2bn in its fiscal quarter to May 28 from $1.9bn in the same period a year earlier, exceeding Wall Street forecasts by about $4bn as its profit margins widened.
The upbeat results sent Micron’s shares up almost 16 per cent in after-hours trading in New York, pushing its market value to about $1.3tn and recovering losses it suffered in a Wall Street sell-off earlier this week.
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