Micron Technology 3Q Revenue Tops Estimates, Swings to Profit

By Denny Jacob

Micron Technology posted better-than-expected revenue and swings to a profit in its latest quarter as artificial intelligence-related demand boosted results.

The memory-chip maker posted net income of $332 million, or 30 cents a share, for the third-quarter ended May 30, swinging from a loss of about $1.9 billion, or $1.73 a share, in the prior-year period. Adjusted earnings were 62 cents a share, above analysts' estimates of 48 cents a share.

The Boise, Idaho-based company recorded revenue of $6.81 billion compared to $3.75 billion in the year-ago period. Analysts polled by FactSet expected $6.67 billion.

Micron attributed the sequential revenue growth in part to robust artificial intelligence demand.

Chief Executive Sanjay Mehrotra said Micron is gaining share in high-margin products like high bandwidth memory.

Micron forecast revenue around $7.6 billion, plus or minus $200 million, and adjusted earnings per-share around $1.08, plus or minus 8 cents, for the fourth quarter.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

June 26, 2024 16:28 ET (20:28 GMT)

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