Micron Technology Surges 17% on Strong Q4 Earnings and AI-Driven Q1 Outlook

Sep 25, 2024, 08:31 PM

Micron Technology reported strong fourth-quarter earnings, beating analyst expectations. The company posted an adjusted EPS of $1.18, surpassing the expected $1.13, and revenue of $7.75 billion, exceeding the forecasted $7.64 billion. This represents a 93% year-over-year revenue growth, driven by robust demand for AI-related products, particularly high bandwidth memory chips used in data centers. The adjusted gross margin was 36.5%, above the estimated 34.7%. Micron also reported a net income of $887 million and an adjusted operating income of $1.75 billion. The company provided an optimistic outlook for the first quarter of 2025, projecting adjusted EPS of $1.74 and revenue between $8.58 billion and $8.9 billion, well above market estimates. Following the earnings report, Micron's stock surged 17% in premarket trading.