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Microron profits soar with 10% stock gain
Micron Technology's revenues increased to $41.46 billion in the third quarter, surpassing market expectations of $35.84 billion. Adjusted earnings per share reached $25.11, compared to estimates of $20.78. The company continued to achieve strong growth, with projections of $50 billion in revenue for the current quarter, driven by rising demand for AI-related memory chips and increased orders from data centers. Revenue from the data center segment rose to $11.5 billion, while its cloud memory sales amounted to $13.77 billion, with the ongoing high demand continuing to drive up memory prices. The company's stock soared by approximately 10% after the market close, and its market capitalization doubled to over $1 trillion.
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