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 shares rose in prolonged buying and selling on Wednesday after the chipmaker reported better-than-expected earnings and income and issued a forecast that additionally topped analysts’ estimates.
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, shall be about $10.7 billion, up 38% from $7.75 billion a yr earlier and forward of the $9.9 billion common analyst estimate, in keeping with LSEG.
Information middle income greater than doubled within the third quarter, Micron mentioned, as complete gross sales jumped 37% from $6.81 billion a yr in the past. The corporate has seen hovering demand within the excessive bandwidth reminiscence, or HBM, market as a result of 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 had been up 51% for the yr, whereas the Nasdaq has gained 3.4%.
