Micron CEO Sanjay Mehrotra speaks before President Joe Biden delivers remarks on the CHIPS and Science Act and his Investing in America agenda, at the Milton J. Rubenstein Museum in Syracuse, New York, April 25, 2024.
Micron shares rose in extended trading on Wednesday after the chipmaker reported better-than-expected earnings and revenue and issued a forecast that also topped analysts' estimates.
Here's how the company did in comparison with the LSEG consensus:
Earnings per share: $1.91, adjusted vs. $1.60 expected
$1.91, adjusted vs. $1.60 expected Revenue: $9.3 billion vs. $8.87 billion expected
Micron said revenue in the current period, its fiscal fourth quarter, will be about $10.7 billion, up 38% from $7.75 billion a year earlier and ahead of the $9.9 billion average analyst estimate, according to LSEG.
Data center revenue more than doubled in the third quarter, Micron said, as total sales jumped 37% from $6.81 billion a year ago. The company has seen soaring demand in the high bandwidth memory, or HBM, market due to the artificial intelligence boom.