Micron’s fiscal Q3 revenue quadrupled year-over-year, beating estimates as AI demand drives memory chip prices higher.
Micron reported fiscal third-quarter revenue of $41.46 billion, more than quadrupling from $9.3 billion a year earlier, driven by soaring demand for memory chips tied to artificial intelligence. Adjusted earnings per share reached $25.11, surpassing LSEG estimates of $20.78.
The company’s revenue forecast for the current quarter is $50 billion, up from $11.3 billion in the prior-year period, exceeding analyst expectations of $43.58 billion. Memory prices have surged as AI chips consume production capacity, lifting demand for Micron’s products across data centers, smartphones, and laptops.
Micron’s stock rose 9% in extended trading, extending a 700% gain over the past year and pushing its market capitalization past $1 trillion. The company’s technology is critical for chips used by Nvidia and Google, as well as server infrastructure.