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Micron Technology Q3 revenue exceeds expectations, Q4 guidance far surpasses Wall Street expectations, driving stock up nearly 10% after hours.
Deep Tide TechFlow News, June 25 - Micron Technology (MU.O) on Wednesday forecast fourth-quarter revenue above Wall Street expectations, indicating that robust demand for AI-related infrastructure will continue to drive strong demand for its memory chips. The company's shares rose nearly 10% in after-hours trading.
Micron expects fourth-quarter revenue of $50 billion (plus or minus $1 billion), while analysts on average expected $43.58 billion. The results and outlook suggest that the explosive growth of generative AI has made products like HBM key components in large data centers, thereby driving up prices. The company's quarterly report also showed that third-quarter revenue reached $41.4 billion, far exceeding the market expectation of $35.4 billion.
The company's CEO, Sanjay: "Micron's record third-quarter financial results and a 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 the company posted a profit of $28.24 billion, or $24.67 per share, compared with a profit of $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, while analysts had expected $20.86 per share. (Jin Shi)