Micron CEO Sanjay Mehrotra speaks earlier than President Joe Biden delivers remarks on the CHIPS and Science Act and his Investing in America agenda, on the Milton J. Rubenstein Museum in Syracuse, New York, April 25, 2024.
Andrew Caballero-Reynolds | AFP | Getty Photos
Micron reported better-than-expected earnings and income on Wednesday and issued a forecast that additionally topped analysts’ estimates. The inventory initially popped in prolonged buying and selling earlier than paring most of its features.
This is how the corporate did compared with the LSEG consensus:
- Earnings per share: $1.91, adjusted vs. $1.60 anticipated
- Income: $9.3 billion vs. $8.87 billion anticipated
Micron mentioned income within the present interval, its fiscal fourth quarter, might be about $10.7 billion, up 38% from $7.75 billion a 12 months earlier and forward of the $9.9 billion common analyst estimate, in response to LSEG.
Information middle income greater than doubled within the third quarter, Micron mentioned, as whole gross sales jumped 37% from $6.81 billion a 12 months in the past. The corporate has seen hovering demand within the high-bandwidth reminiscence, or HBM, market because of the synthetic intelligence increase.
Sanjay Mehrotra, Micron’s CEO, mentioned within the earnings launch that the corporate is making “disciplined investments to construct on our expertise management and manufacturing excellence to fulfill rising AI-driven reminiscence demand.”
As of Wednesday’s shut, Micron shares have been up 51% for the 12 months, whereas the Nasdaq has gained 3.4%.
