Micron Technology Inc (NASDAQ:MU) shares surged more than 13% afterhours as the chipmaker’s latest quarterly results impressed investors.
For the quarter ended August 29, 2024, Micron posted revenue of $7.75 billion, up from $4 billion in the year-ago period. This was ahead of Street estimates of $7.64 billion.
Earnings per share (EPS) of $1.18 topped expectations of $1.10 and marked a significant improvement from a loss per share of $1.07 for the comparable period in 2023.
“Micron delivered 93% year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high bandwidth memory,” Micron CEO Sanjay Mehrotra commented.
For the first quarter of fiscal 2025, Micron projected revenue of $8.7 billion plus or minus $200 million. EPS are seen at $1.74, plus or minus $0.08.
Street expectations were for revenue of $8.54 billion and EPS of $1.68.
“We are entering fiscal 2025 with the best competitive positioning in Micron's history,” Mehrotra added. “We forecast record revenue in fiscal Q1 and a substantial revenue record with significantly improved profitability in fiscal 2025.”
Shares of Micron added 13.1% at about $108 post-earnings.