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Korean semiconductor stocks surge on the back of Micron earnings

Korean semiconductor stocks surge on the back of Micron earnings

Semiconductor stocks in South Korea soared on Thursday following the earnings release of U.S. chipmaker Micron Technology overnight, which bested expectations.

Industry heavyweight Samsung Electronics and chipmaker SK Hynix saw their stock surge 4.09 percent and 7.66 percent, respectively.

Beating on the top and bottom line, Micron reported earnings per share of $1.71 on revenue of $5.84 billion. Wall Street had estimated earnings per share of $1.67 on revenue of $5.82 billion, according to Refinitiv.

Micron’s revenue compares to the $7.35 billion they earned in the same period last year.

Its President and CEO Sanjay Mehrotra cited a “challenging market environment” for the revenue decline.

Even though the U.S. chipmaker gave a forecast for its fiscal third quarter that was below Wall Street’s expectations, the company predicted that demand will likely begin growing again by the fourth quarter.