Micron Technology, Inc. (NASDAQ:MU) stock rose 0.048% (As on Mar 30, 11:29:38 AM UTC-4, Source: Google Finance) after the company gave an upbeat forecast for the current quarter, a sign that demand remains strong from rapidly expanding data-center customers. The company expects no impact on near-term production from component shortages driven by the Ukraine crisis, but costs are expected to rise. Ukraine’s two leading neon suppliers, which produce about half the world’s supply of the key chip-making ingredient, have halted their operations, threatening to drive up prices and worsen an ongoing semiconductor crunch. Further, the impact from Ukraine-driven supply shortfalls will not show up until about seven to nine months later, when global raw material inventories run out. Global chip output was already under pressure after the pandemic drove up demand for cellphones, laptops and later cars, forcing some firms to scale back production. Micron expects PC shipments to be flat this year compared with 2021.

MU in the second quarter of FY 22 has reported the adjusted earnings per share of $2.46, beating the analysts’ estimates for the adjusted earnings per share of $2.24, according to data compiled by Bloomberg. The company had reported the adjusted revenue growth of 24.8 percent to $8.7 billion in the second quarter of FY 22, beating the analysts’ estimates for revenue of $8.2 billion. Micron also charged more for its NAND and DRAM memory chips, helping gross margins as a percentage of revenue rise to 47.2% from 26.4% last year.

Additionally, Investments in capital expenditures, net were $2.60 billion for the second quarter of 2022, which resulted in adjusted free cash flow of $1.03 billion. Micron repurchased approximately 4.8 million shares of its common stock for $408 million during the second quarter of fiscal 2022 and ended the quarter with cash, marketable investments, and restricted cash of $11.95 billion, for a net cash position of $4.87 billion. The company has declared a quarterly dividend of $0.10 per share, payable in cash on April 26, 2022, to shareholders of record as of the close of business on April 11, 2022.

Micron forecast current-quarter revenue of $8.7 billion, plus or minus $200 million, compared with analysts’ average estimate of $8.06 billion, according to Refinitiv data. For the third quarter of FY 22, the company expects Diluted earnings per share to be $2.46 ± $0.10.