Micron Q3 results beats estimates on AI-led memory chip demand; guidance in-line

nvesting.com -- Micron reported Wednesday fiscal third-quarter results that beat Wall Street estimates on as the growing need for artificial intelligence-optimised hardware boosted memory chip demand.

Micron Technology Inc (NASDAQ: MU) shares down about 7% in after-hours trading following the report.

For the three months ended May 30, Micron reported adjusted EPS of $0.62 a share on revenue of $6.81 billion. Analysts polled by Investing.com anticipated a loss of $0.48 a share on revenue of $6.66B.

"We are gaining share in high-margin products like High Bandwidth (NASDAQ: BAND) Memory, and our data center SSD revenue hit a record high, demonstrating the strength of our AI product portfolio across DRAM and NAND," the company said.

Looking ahead, the company guided fiscal fourth-quarter adjusted earnings per share of $1.00 to $1.16, while revenue was expected in a range of $7.40 billion to $7.80B, in-line with estimates for EPS of $1.01 and revenue of $7.56B.

You May Also Be Interested In

• Nvidia pitches Vera CPU to Chinese clients with August delivery target
• PreveCeutical closes second tranche of private placement for $245,000
• Super League Enterprise (SLE) files for 1.07M share offering by selling stockholders