Micron Technology shares jumped more than 7% in premarket trading

Micron Technology shares jumped more than 7% in premarket trading.

Micron Technology Inc on Monday delivered stronger quarterly results than Wall Street expected as data centers and electric vehicle manufacturers drove demand for its chips, and it forecast second-quarter sales and profits will also beat estimates with chip shortages easing in 2022.

Micron also disclosed that it has struck deals with its own suppliers to ease bottlenecks in its supply chain.

In the first quarter, Micron reported sales of $7.69 billion, above analyst expectations of $7.67 billion, according to Refinitiv data. Micron earned $2.16 per share on an adjusted basis, beating expectations of $2.11 per share.