Micron Shares Rise 5% After-Hours as Revenue, Outlook Beat Estimates

$Micron Technology(MU)$   shares rose in extended trading Wednesday after the semiconductor company's fiscal third quarter results and outlook surpassed analysts' estimates amid rising demand for artificial intelligence-driven memory. 

The company forecast revenue in the fourth quarter to reach $10.7 billion, plus or minus $300 million. That's higher than the $9.89 billion expected by analysts, according to Bloomberg consensus. For the three months that ended May 29, revenue rose to $9.3 billion, from $8.05 billion a year earlier. That also beat Wall Street expectations for $8.85 billion. 

“We are on track to deliver record revenue with solid profitability and free cash flow in fiscal 2025, while we make disciplined investments to build on our technology leadership and manufacturing excellence to satisfy growing AI-driven memory demand," Chairman and CEO Sanjay Mehrotra said in the company's press release. 

Adjusted earnings rose to $1.91 a share in the third quarter, from $1.56 a year earlier. That exceeded consensus by 19.4%, according to analysts' estimates compiled by Bloomberg. 

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