Micron stock rises as revenue more than quadruples over previous year
Micron shares rose significantly in premarket trading following the announcement of a substantial increase in annual revenue. The company reported figures that represent more than a fourfold growth compared to the same period last year.
Amalgamated from Yahoo Finance (opens in new tab), CNBC (opens in new tab)
Micron stock rose significantly in premarket trading following the announcement of its latest financial results on Wednesday. According to reports from CNBC, the company’s annual revenue grew from $9.3 billion a year prior to $41.46 billion in the current period, which represents more than a fourfold increase over the previous 12 months.
Yahoo Finance also reported that the stock rose in response to these "soaring" figures. The reports indicate that the share price exceeded a 16 percent jump before regular trading began. Both outlets highlighted the substantial growth in revenue as the primary driver for the market's reaction, noting the scale of the increase compared to the previous year.