Micron Technology's stock surged 13.51% in after-hours trading on Wednesday, following the release of its fiscal third-quarter results that significantly exceeded analyst expectations.
The memory chipmaker reported revenue of $41.46 billion, more than quadrupling from the $9.30 billion a year earlier and beating estimates of $35.59 billion. Adjusted earnings per share came in at $25.11, up from $1.91 a year ago and well above the $20.63 consensus.
The company also provided a robust outlook for the current quarter, forecasting revenue of $50 billion, plus or minus $1 billion, and adjusted EPS of $31, plus or minus $1, both topping Wall Street projections. The strong performance and guidance are driven by soaring demand for memory chips, particularly high-bandwidth memory (HBM), essential for artificial intelligence infrastructure, with the company expecting tight supply conditions to persist beyond 2027.