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Micron CEO Sanjay Mehrotra speaks earlier President Joe Biden delivers remarks connected the CHIPS and Science Act and his Investing successful America agenda, astatine the Milton J. Rubenstein Museum successful Syracuse, New York, April 25, 2024.
Andrew Caballero-Reynolds | AFP | Getty Images
Micron reported better-than-expected net and gross connected Wednesday and issued a forecast that besides topped analysts' estimates. The banal initially popped successful extended trading earlier paring astir of its gains.
Here's however the institution did successful examination with the LSEG consensus:
- Earnings per share: $1.91, adjusted vs. $1.60 expected
- Revenue: $9.3 cardinal vs. $8.87 cardinal expected
Micron said gross successful the existent period, its fiscal 4th quarter, volition beryllium astir $10.7 billion, up 38% from $7.75 cardinal a twelvemonth earlier and up of the $9.9 cardinal mean expert estimate, according to LSEG.
Data halfway gross much than doubled successful the 3rd quarter, Micron said, arsenic full income jumped 37% from $6.81 cardinal a twelvemonth ago. The institution has seen soaring request successful the high-bandwidth memory, oregon HBM, marketplace owed to the artificial intelligence boom.
Sanjay Mehrotra, Micron's CEO, said successful the net merchandise that the institution is making "disciplined investments to physique connected our exertion enactment and manufacturing excellence to fulfill increasing AI-driven representation demand."
As of Wednesday's close, Micron shares were up 51% for the year, portion the Nasdaq has gained 3.4%.
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