Micron Technology, Inc. (NASDAQ:MU) saw its third-quarter 2023 revenue fall to $3.75 billion from $8.64 billion a year ago, but surpassed the Street consensus estimate of $3.65 billion on greater demand for its memory chips from the AI sector.
Meanwhile, the chip maker’s adjusted loss for the period of $1.43 per share was also better than the $1.58 deficit expected by analysts.
Shares of Micron rose as much as 4% in Wednesday’s after-hours session after the company’s CEO stated he believes the memory-chip market has bottomed.
Earlier this month, Micron warned that about half of its China customer revenue could be impacted by a partial ban on the US chip maker selling to some Chinese companies.
For 4Q 2023, the company guided for revenue of $4.1 billion compared with the analyst consensus of $3.89 billion.
Micron makes DRAM and NAND flash memory chips.
Contact Sean at sean@proactiveinvestors.com