Micron Q2 Revenue Hits Record $23.86B, Shares Drop 15%

Micron Technology reported record-breaking results for its fiscal second quarter of 2026, with revenue surging nearly threefold year over year, yet its shares plunged about 15 percent in the four trading sessions following the announcement. The Boise, Idaho-based semiconductor company disclosed the earnings on Wednesday, highlighting booming demand for memory chips driven by artificial intelligence applications.

Revenue for the quarter ended February 26 reached $23.86 billion, up from $8.05 billion in the same period a year earlier and surpassing analyst expectations of around $20 billion. Earnings per share on a non-GAAP basis came in at $12.30, beating forecasts of $9.31. The company set new highs in gross margin at 74 percent, up from 56 percent in the prior quarter, as well as earnings per share and free cash flow, which hit $6.9 billion. All four business units contributed to the growth: cloud memory revenue rose to $7.75 billion, core data center to $5.69 billion, mobile and client to $7.71 billion, and automotive and embedded to $2.71 billion, each with improved margins.

Chief Executive Officer Sanjay Mehrotra attributed the performance to a combination of strong demand,...