Micron Posts 379% Revenue Growth, Forecasts Above Estimates

Micron Technology reported fiscal fourth-quarter revenue of $54.23 billion, up 379% from a year earlier, and forecast first-quarter revenue well above analyst expectations, as demand for memory chips used in artificial intelligence infrastructure continued to drive growth. Adjusted earnings also topped estimates, while the company’s outlook pointed to further sales growth in the coming quarter. For the fiscal quarter ended September 3, Micron earned an adjusted $33.42 per share, compared with analysts’ estimate of $31.61. Revenue exceeded the approximately $51.1 billion analysts had expected. Net income under standard accounting rules was $37.7 billion, up from $3.2 billion a year earlier, according to company results reported in the coverage. Micron forecast fiscal first-quarter revenue of $61.5 billion, plus or minus $1.5 billion. That midpoint is above an analyst consensus of about $57 billion. The company also projected adjusted earnings of $38.15 per share, with a range of plus or minus $1, compared with estimates of about $35.40. The outlook reflects demand for memory and storage used in data centers, where high-bandwidth memory supports AI computing.