TechFlow News, June 25: Micron Technology (MU.O) forecast its fourth fiscal quarter revenue to exceed Wall Street expectations on Wednesday, signaling that robust demand for AI-related infrastructure will continue driving strong demand for its memory chips. The company’s stock rose nearly 10% in after-hours trading.
Micron expects fourth-quarter revenue of $5.0 billion (±$1.0 billion), compared to the analyst consensus estimate of $4.358 billion. This performance and outlook indicate that the explosive growth of generative AI has made products such as HBM critical components for large data centers, thereby fueling sharp price increases. The company’s quarterly report also showed third-quarter revenue reached $4.14 billion—well above the market expectation of $3.54 billion.
Sanjay Mehrotra, CEO of Micron: “Micron’s record-setting third fiscal quarter financial results and even stronger outlook for the fourth quarter reflect the strategic value of memory chips in the AI era. We believe our multi-year strategic customer agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”
Micron’s third-quarter report showed net income of $2.824 billion, or $24.67 per share, versus $1.89 billion, or $1.68 per share, in the same period last year. Excluding certain one-time items, Micron reported adjusted earnings per share of $25.11, surpassing analysts’ prior expectation of $20.86 per share. (Jinshi)
