Micron reported better-than-expected quarterly results on Wednesday as the memory maker continued to benefit from growing demand for AI infrastructure. The stock rose slightly in extended trading.
Here’s how the company performed against the LSEG consensus:
- Earnings per share: $33.42 adjusted vs. $31.61 expected
- Income: $54.23 billion versus $51.07 billion expected
Revenue nearly quadrupled in the fiscal fourth quarter, from $11.32 billion a year earlier, according to a statement.
For the fiscal first quarter, Micron said it expects revenue of about $61.5 billion and adjusted earnings per share of $38.15. Analysts surveyed by LSEG expected adjusted earnings per share of $35.40 on revenue of $57 billion.
Micron’s stock has soared more than 500% over the past year, benefiting from a global supply crunch caused by historic levels of demand for memory chips needed for artificial intelligence models and workloads. The shortage has led to rising memory costs and higher prices for consumer electronics like Apple’s iPads and MacBooks.
Hendi Susanto, head of portfolio at Gabelli Funds, said in an email after the release that it was “another strong beat and another increase for Micron.”
“At this point, I have not heard any negative data indicating that the memory cycle will reverse toward decline in the near future,” Susanto wrote.
Micron is the only U.S. manufacturer of high-bandwidth memory, HBM, comprised of stacks of general-purpose dynamic random access memory, or DRAM. DRAM revenue in the fourth quarter increased 343% year-over-year to $39.8 billion, or 73% of total sales.
CEO Sanjay Mehrotra said during the earnings conference call that the company has a “strong roadmap for future HBM products” and is working with Nvidia on the industry’s “first custom HBM implementation.”
Net income for the latest quarter jumped to $37.7 billion, or $32.87 per share, from $3.2 billion, or $2.83 per share a year ago.
The advanced graphics and central processors of chip giants like Nvidia and AMD need increasing amounts of HBM to handle AI workloads, and the world’s leading vendors can’t make enough of them.
This is why Micron is investing $250 billion to build two new campuses to manufacture HBM. The largest broke ground in Clay, New York, in January, while its first new plant in Boise, Idaho, is expected to come online next year.
HBM executives SK Hynix and Samsung are also massively building new HBM factories in their home country of South Korea. Micron has the smallest HBM market share of the three, but its market cap still exceeds $1.2 trillion.
Mehrotra participated in a summit on AI regulation hosted by President Donald Trump on Tuesday, days after attending a White House dinner with Chinese President Xi Jinping during his first visit to the United States in more than a decade.
On the call, Mehrotra said Micron increased pay for every employee in fiscal 2026. Hundreds of Micron employees have threatened to strike at its Taiwan factories over collective bargaining and wages. Similar strikes at competitors SK Hynix and Samsung resulted in bonuses exceeding $500,000.
WATCH: Micron’s $50 billion construction project in its hometown of Boise makes it millionaires
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