Micron CEO Sanjay Mehrotra speaks before President Joe Biden delivers remarks on the CHIPS and Science Act and his Investing in America agenda, at the Milton J. Rubenstein Museum in Syracuse, New York, April 25, 2024.
Andrew Caballero-Reynolds | AFP | Getty Images
Micron reported better-than-expected earnings and revenue on Wednesday and issued a forecast that also topped analysts’ estimates. The stock initially popped in extended trading before paring most of its gains.
Here’s how the company did in comparison with the LSEG consensus:
- Earnings per share: $1.91, adjusted vs. $1.60 expected
- Revenue: $9.3 billion vs. $8.87 billion expected
Micron said revenue in the current period, its fiscal fourth quarter, will be about $10.7 billion, up 38% from $7.75 billion a year earlier and ahead of the $9.9 billion average analyst estimate, according to LSEG.
Data center revenue more than doubled in the third quarter, Micron said, as total sales jumped 37% from $6.81 billion a year ago. The company has seen soaring demand in the high bandwidth memory, or HBM, market due to the artificial intelligence boom.
Sanjay Mehrotra, Micron’s CEO, said in the earnings release that the company is making “disciplined investments to build on our technology leadership and manufacturing excellence to satisfy growing AI-driven memory demand.”
As of Wednesday’s close, Micron shares were up 51% for the year, while the Nasdaq has gained 3.4%.
