Micron Beats Q4 Earnings Expectations on Surging AI Demand
· Technology · CNBC, Bloomberg
Micron reported adjusted earnings per share of $33.42 and revenue of $54.23 billion for the fiscal fourth quarter, beating Wall Street expectations. Revenue nearly quadrupled from $11.32 billion a year earlier as the company benefited from surging demand for AI infrastructure and memory chips. Net income for the quarter climbed to $37.7 billion, or $32.87 per share, up from $3.2 billion a year ago. For the fiscal first quarter, the company projected revenue of about $61.5 billion and adjusted earnings per share of $38.15. Micron is the only US-based manufacturer of high-bandwidth memory crucial for AI workloads, driving a worldwide supply crunch and a more than 500% surge in its stock price over the past year.
Why it matters
Surging demand for AI infrastructure continues to strain global memory supply chains, driving up component costs for consumer electronics and fueling massive capital investments by semiconductor manufacturers.
Read the original report — CNBC
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.