Proactive Investors - Micron Technology Inc (NASDAQ:MU) has reported better-than-expected financial results for the fiscal third quarter as it benefited from surging demand for its memory chips for AI applications.
Revenue for the three months ending May 30 was $6.81 billion, up from $3.75 billion in the year-ago quarter and ahead of estimates of $6.7 billion.
Adjusted earnings per share (EPS) of $0.62 topped expectations of $0.50.
“Robust AI demand and strong execution enabled Micron to drive 17% sequential revenue growth, exceeding our guidance range in fiscal Q3,” Micron Sanjay Mehrotra said in a statement.
“We are gaining share in high-margin products like High Bandwidth Memory (HBM), and our data center SSD revenue hit a record high, demonstrating the strength of our AI product portfolio across DRAM and NAND.”
Micron’s guidance for fiscal 4Q was also higher than Street estimates.
It expects, at the midpoint, revenue of $7.6 billion and adjusted EPS of $1.08 compared to estimates of $7.45 billion and $0.90, respectively.
Despite topping estimates for Q3 and its upbeat guidance, Micron shares fell 7.8% to about $131 post-earnings.
Ahead of its earnings report, shares of Micron had added 13% in the month-to-date.