Here is why Micron Technology Inc. (MU) stock performed well in the after-hours on Monday?

Micron Technology Inc. (MU) shares surged 6.79% in after-hours on Monday, December 20, 2021, and closed the daily trading at $87.60. However, in the regular trading session of Monday, MU’s stock lost 1.17%. MU shares have risen 14.79% over the last 12 months, and they have moved down 2.75% in the past week. Over the past three months, the stock has gained 13.71%, while over the past six months, it has soared 5.63%.

Let’s have a brief look at its recent news and developments.

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MU latest development

On December 20, 2021, Micron Technology, Inc. (MU) announced results for its first quarter of fiscal 2022, which ended December 2, 2021.

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Q1 2022 financial highlights

  • MU reported total revenue of $7.69 billion in Q1 2022 compared to $5.77 billion in Q1 2021.
  • The cost of goods sold was $1.084 billion in Q1 2022 compared to $4.36 billion in Q1 2021.
  • Total operating expenses were $4.65 billion in Q1 2022 compared to $969 million in Q1 2021.
  • It earned GAAP net income of 2.31 billion, or $2.04 per diluted share in Q1 2022 compared to $803 million net income or $0.71 per diluted share in Q1 2021.

Q2 2022 financial outlook

For Q2 2022, Micron Technology is expecting,

  • Revenue in the range of $7.5 billion± $200 million.
  • Operating expenses in the range of 1.058 billion ± $25 million.
  • Diluted earning per share of $1.83± $0.10.

MU participation in the upcoming event

The Chief Financial Officer of Micron Technology, Inc. (MU), David Zinsner will take part in a fireside chat at the J.P. Morgan Tech/Auto Forum at the Bellagio Hotel in Las Vegas which is to be held on January 5, 2022, at 10:55 a.m. Mountain time.

MU dividend declaration

On December 17, 2021, Micron’s (MU) Board of Directors declared a quarterly dividend of $0.10 per share, payable in cash on January 18, 2022, to shareholders of record as of the close of business on January 3, 2022.

Mu new memory design center

On December 06, 2021, Micron Technology, Inc. (MU), announced plans for its new memory design center in Midtown Atlanta, expanding the company’s reach into the Southeast.

The company is expecting to open a new center in January 2022 which will increase its footprints in Atlanta’s rich pool of technical talent to further advance its memory design and engineering leadership. The new center will also help Micron to build strong partnerships with many institutions in the region including Emory University, Georgia Tech, Morehouse College, Spelman College, and the University of Georgia.

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Micron stock turnaround and surged in the after-hours after the company announced strong financial results for Q1 2022. It can continue its positive performance on Tuesday as well.

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