:max_bytes(150000):strip_icc()/GettyImages-2147904153-3f7dec3fcef7406692f8239d3a29ef3c.jpg "Micron Stock Pops on Strong Outlook Driven by ‘Robust AI Demand’")
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Key Takeaways
- Micron Technology shares surged in extended trading Wednesday as the memory chip maker’s revenue and outlook blew past expectations.
- The Nvidia partner reported its fiscal fourth-quarter revenue nearly doubled year-over-year, driven by “robust AI demand.”
- CEO Sanjay Mehrotra said the company expects current-quarter revenue to reach a record high.
Micron Technology (MU) shares surged in extended trading Wednesday as the company’s revenue and outlook blew past expectations.
The memory chip maker and Nvidia (NVDA) partner swung to a profit of $887 million or 79 cents per share in the fiscal fourth quarter, from a loss of $1.43 billion or $1.31 per share a year ago. Revenue nearly doubled to $7.75 billion, topping analysts’ estimates.
Micron CEO Sanjay Mehrotra said the revenue gains were driven by “robust AI demand,” and that the company is moving into fiscal 2025 “with the best competitive positioning in Micron’s history.”
Micron Projects Record Revenue in Q1
Micron said it expects current-quarter revenue to reach a record high between $8.5 billion to $8.9 billion, with the low end of that range above the analyst consensus. The company’s projection for diluted earnings per share (EPS) of between $1.46 and $1.62 also exceeded estimates.
Shares of Micron jumped more than 13% to $108.34 in extended trading Wednesday following the release.