Micron Technology (MU) has reported fiscal first-quarter financial results that beat Wall Street’s forecasts on both the top and bottom lines.
The maker of memory chips announced earnings per share (EPS) of $4.78 U.S., which topped estimates of $3.95 U.S.
Revenue in the period totaled $13.64 billion U.S., which was ahead of the $12.84 billion U.S. forecast among analysts. Sales were up 57% from a year earlier.
Management attributed the strong print to demand from artificial intelligence (A.I.), saying in the company’s earnings release that, “This growth in AI data center capacity is driving a significant increase in demand for high-performance and high-capacity memory and storage.”
Micron makes memory and solid-state storage for computers. Those semiconductors have been in short supply in recent months as the A.I. boom requires massive amounts of the chips.
Micron is one of three companies that make the high-bandwidth memory needed for A.I. applications and models.
Earlier in December, Micron said it would stop selling memory chips directly to consumers in order to preserve supply for A.I. data centres.
In terms of guidance, Micron said that it expects $18.70 billion U.S. of revenue in the current quarter, which is far ahead of the $14.20 billion U.S. expected on Wall Street.
The company also forecast earnings per share (EPS) in the current quarter of $8.42 U.S., blowing past forecasts that call for $4.78 U.S. a share.
Prior to today (Dec. 18), Micron’s stock had risen 159% this year to trade at $225.71 U.S. per share.
Tech Insider
