- Micron's revenue surged to $41.46 billion, up from $9.3 billion a year prior and beating analyst expectations of $35.91 billion.
- Micron stock jumped 10% as soaring prices from the memory crunch led to the quadrupling of revenue.
- Micron's third-quarter profit was $28.24 billion, or $24.67 a share, compared with a profit of $1.89 billion, or $1.68 a share, a year earlier.
- Micron's gross margin reached 84.9%, topping estimates and more than doubling from a year ago.
- Micron signed 16 strategic customer agreements designed to lock in supply over several years, representing about $100 billion of minimum contracted revenue.
- Micron's revenue increased from $9.3 billion a year earlier, reflecting strong demand tied to the artificial intelligence boom.
- Adjusted earnings came in at $25.11 per share, exceeding analysts' expectations of $20.86 per share.
- Micron expects revenue of about $50 billion for the current quarter, up from $11.3 billion a year ago.
- Sales in Micron's core data center business climbed more than sevenfold to $11.5 billion from $1.53 billion in the same period a year ago.
Micron Technology reported a remarkable revenue increase to $41.46 billion for the fiscal third quarter, a significant jump from $9.3 billion a year prior, surpassing analyst expectations of $35.91 billion.
The company attributed this growth to strong demand for memory chips, particularly in the data center sector, where sales soared more than sevenfold to $11.5 billion from $1.53 billion year-over-year.
Micron's net income also surged to $28.24 billion, or $24.67 per share, compared to $1.89 billion, or $1.68 per share, in the same quarter last year. Adjusted earnings reached $25.11 per share, exceeding analyst forecasts of $20.86.7
The company reported a gross margin of 84.9%, more than doubling from 39% a year ago, and expects this figure to rise to 86% in the current quarter.
Micron has also signed 16 strategic customer agreements, which are projected to generate a minimum of $100 billion in contracted revenue over their terms. CEO Sanjay Mehrotra noted that these agreements account for 20% of the company's dynamic random-access memory volume and a third of its NAND volume.
Following the earnings report, Micron's stock jumped 10%, reflecting investor confidence in the company's future prospects amid the ongoing AI boom.
“Micron Technology reported a staggering revenue increase to $41.46 billion, up from $9.3 billion a year prior, driven by strong demand for memory chips. The company also signed 16 strategic customer agreements, securing approximately $100 billion in minimum contracted revenue.”
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