Micron Technology reported record third-quarter revenue of $41.5 billion and a 15-fold increase in net profit, significantly exceeding analyst expectations. The company forecasts strong Q4 revenue, driven by sustained demand for AI memory chips, with CEO Sanjay Mehrotra stating supply shortages are expected to persist beyond 2027. Shares surged 16% in premarket trading.
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Micron stock jumps 16% on record AI chip demand and profit surge
IN SHORT
Micron Technology reported record third-quarter revenue of $41.5 billion and a 15-fold increase in net profit, significantly exceeding analyst expectations. The company forecasts strong Q4 revenue, driven by sustained demand for AI memory chips, with CEO Sanjay Mehrotra stating supply shortages are expected to persist beyond 2027. Shares surged 16% in premarket trading.
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Frequently asked questions
Micron's record results were driven by insatiable demand for the memory chips that power artificial intelligence.
Micron reported third-quarter revenue of $41.5 billion and earnings per share of $25.11, significantly exceeding analyst expectations.
Micron expects revenue of approximately $50 billion for the fourth quarter, well ahead of Wall Street expectations.
Micron CEO Sanjay Mehrotra stated that supply shortages are expected to persist beyond 2027.
What Happens Next
01Micron is expected to continue increasing capital spending to meet demand.
02SK Hynix is reportedly exploring a US listing that could value the company at around $30 billion.
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