Investing.com -- Micron Technology beat Wall Street estimates for fourth-quarter earnings and revenue on Wednesday, helped by strong demand for memory products used in artificial intelligence systems.

The chipmaker reported adjusted earnings of $33.42 per diluted share, above the $31.16 analyst consensus, while revenue came in at $54.23 billion, topping the $50.45 billion estimate.

Fourth-quarter adjusted gross margin rose to 87.0% from 84.9% in the prior quarter, while adjusted operating income increased to $44.64 billion from $33.68 billion. Adjusted net income rose to $38.40 billion from $28.86 billion.

"Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027," CEO Sanjay Mehrotra said, citing AI demand and strategic customer agreements.

Micron also , and forecast first-quarter results above analysts' expectations. The company forecast first-quarter fiscal 2027 revenue of $61.5 billion, plus or minus $1.5 billion, compared with the $56.77 billion consensus. Adjusted earnings per share are expected at $38.15, plus or minus $1.00, also above the $36.02 analyst estimate.

The outlook reflects continued strength in AI-related demand. Micron said revenue from its server LPDDR SOCAMM portfolio more than doubled sequentially in the fourth quarter, while its PCIe Gen 5 and Gen 6 SSD products were shipping to customers for AI-related cache applications.

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