Micron Technology Inc (NASDAQ:MU) shares moved higher afterhours as the firm specializing in memory solutions reported fiscal third quarter earnings that exceeded Wall Street estimates.
Revenue for the three-month period ending May 29 was $9.3 billion, up from $6.8 billion in the year-ago quarter and ahead of estimates of $8.9 billion.
Adjusted income was just shy of $2.2 billion or $1.91 per share, far exceeding expectations of $1.60.
“Micron delivered record revenue in fiscal Q3, driven by all-time-high DRAM revenue, including nearly 50% sequential growth in HBM revenue,” Micron CEO Sanjay Mehrotra said in a statement.
“Data center revenue more than doubled year-over-year and reached a quarterly record, and consumer-oriented end markets had strong sequential growth.”
For the fourth quarter, Micron expects revenue to grow another 15% sequentially, guiding revenue of $10.7 billion plus or minus $300 million.
The company expects earnings per share in the range of $2.14 to $2.44, or $2.29 at the midpoint.
“We are on track to deliver record revenue with solid profitability and free cash flow in fiscal 2025, while we make disciplined investments to build on our technology leadership and manufacturing excellence to satisfy growing AI-driven memory demand,” Mehrotra said.
Shares of Micron gained 3.7% at $132 post-earnings.