Micron Technology Jumps In Pre-market On Upbeat Quarterly Results, Outlook

(RTTNews) - Shares of Micron Technology, Inc. (MU) were rising more than 16 percent in pre-market on Thursday to $111.65, after reporting upbeat fourth-quarter results driven by robust AI demand. The semiconductor company also provided first-quarter outlook better than the Street view.

"Micron delivered 93% year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high bandwidth memory. Our NAND revenue record was led by data center SSD sales, which exceeded $1 billion in quarterly revenue for the first time," said Micron Technology President and CEO Sanjay Mehrotra.

The company posted net income of $887 million or $0.79 per share for the fourth quarter compared with net loss of $1.43 billion or $1.31 per share in the same quarter a year ago.

Excluding one-time items, earnings were $1.34 billion, or $1.18 per share, that beat the analysts average estimate of $1.14 per share.

Revenue for the quarter increased 93 percent year-over-year to $7.75 billion.

Looking ahead, Micron sees first-quarter revenue to be $8.70 billion plus or minus $200 million, and adjusted earnings per share of $1.74 plus or minus $0.08. Analysts expect the company to report earnings of $1.64 per share on revenue of $8.28 billion for the quarter.

Micron Technology stock had closed at $95.77, up 1.88 percent on Wednesday. It has traded in the range of $63.83 - $157.54 in the last 1 year.