Micron increased its profits by 1,215% and issued a forecast that exceeded market expectations. Its stock soared.
Micron manufactures memory chips for data centers / Photo: Micron
Micron, an American semiconductor manufacturer, reported that its revenue more than quadrupled and its profits increased 13-fold. In addition, the company’s sales and profit forecasts were significantly better than Wall Street had expected.
The company's shares surged 9% in after-hours trading on June 24. The regular trading session ended with a 0.3% decline.
Details
The company's revenue for the third quarter of fiscal year 2026, which ended on May 28, was $41.46 billion: that's 346% more than in the same period a year ago and 74% more than in the second quarter. Analysts had forecast $35.9 billion, MarketWatch reported, citing data from FactSet.
Earnings per share soared by 1,215%, reaching $25.11 compared to $1.91 a year ago, according to MarketWatch. The company also comfortably exceeded analysts' consensus estimate of $20.83.
For the current quarter, Micron expects to report revenue of $50 billion and adjusted earnings per share of approximately $31. According to FactSet, Wall Street had expected $43.6 billion and $25.72, respectively.
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