06:37 AM EDT, 03/21/2024 (MT Newswires) -- (Updates with the stock move in the headline and first paragraph, and other minor edits)

Micron Technology's ( MU ) shares surged 18% in premarket activity at the time of writing as the company unexpectedly reported a profit in fiscal Q2 and revenue soared more than forecast.

After market close on Wednesday, Micron reported fiscal Q2 non-GAAP diluted earnings of $0.42 per share, compared to a loss of $1.91 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.24.

Revenue for the quarter ended Feb. 29 was $5.82 billion, up from $3.69 billion a year earlier.

Analysts surveyed by Capital IQ expected $5.35 billion.

The company said it expects fiscal Q3 non-GAAP diluted EPS of $0.45, plus-minus $0.07.

Analysts surveyed by Capital IQ expect $0.21.

The company expects revenue for the quarter of $6.60 billion, plus-minus $200 million.

Analysts polled by Capital IQ expect $6 billion.

Micron Technology ( MU ) said its board declared a quarterly dividend of $0.115 per share, payable April 16 to shareholders of record April 1.

Price: 113.16, Change: +16.91, Percent Change: +17.57