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Micron Technology Q3 revenue beats expectations, Q4 guidance far exceeds Wall Street expectations, pushing stock price up nearly 10% after hours.

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ME AI News, Micron Technology (MU.O) forecast on Wednesday that its fourth fiscal quarter revenue would be above Wall Street expectations, indicating that strong demand for AI-related infrastructure will continue to drive robust demand for its memory chips. The company's shares rose nearly 10% in after-hours trading. Micron expects fourth fiscal quarter revenue of $50 billion (plus or minus $1 billion), while analysts on average expected $43.58 billion. The performance and outlook show that the explosive growth of generative AI has made products like HBM key components for large data centers, thus driving price surges. 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 fiscal quarter financial results and stronger fourth quarter outlook reflect the strategic value of memory chips in the AI era. We believe that our multi-year strategic customer agreements will significantly enhance the durability and predictability of Micron's strong financial performance." Micron's third fiscal quarter report showed that the company achieved a profit of $28.24 billion, or $24.67 per share, compared to 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 previously expected $20.86 per share. (Source: MLion)
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