Micron (NASDAQ:MU) posted a stronger than expected set of Q1 FY’22 results, with sales growing 33% year-over-year to $7.69 billion and EPS rising 175% to about $2.16.
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Growth was driven by the data center market, which is witnessing strong demand for cloud computing and a resurgence in enterprise IT spending.
MU stock gained about 10% in Tuesday’s trading, driven by the strong results and the company’s positive commentary indicating that supply chain shortages could ease through 2022, driving demand for its memory and storage products.
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