Micron stories profits, income beat and problems robust forecast

Micron stocks rose in prolonged buying and selling on Wednesday then the chipmaker reported better-than-expected profits and income and issued a forecast that still crowned analysts’ estimates.

Right here’s how the corporate did compared to the LSEG consensus:

• Income in keeping with percentage: $1.91, adjusted vs. $1.60 anticipated
• Earnings: $9.3 billion vs. $8.87 billion anticipated

Micron said income within the stream duration, its fiscal fourth quarter, can be about $10.7 billion, up 38% from $7.75 billion a past previous and forward of the $9.9 billion reasonable analyst estimate, consistent with LSEG.

Information heart income greater than doubled within the 3rd quarter, Micron mentioned, as general gross sales jumped 37% from $6.81 billion a past in the past. The corporate has open hovering call for within the top bandwidth reminiscence, or HBM, marketplace because of the substitute understanding growth.

Sanjay Mehrotra, Micron’s CEO, mentioned within the profits drop that the corporate is making “disciplined investments to build on our technology leadership and manufacturing excellence to satisfy growing AI-driven memory demand.”

As of Wednesday’s alike, Micron stocks had been up 51% for the past, era the Nasdaq has won 3.4%.

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