Micron Technology, Inc. (MU) saw its shares surge over 16 percent in pre-market trading on Thursday, reaching $111.65 following the release of its positive fourth-quarter results, which were bolstered by strong demand in the AI sector. The semiconductor giant also issued an optimistic outlook for the first quarter, surpassing Wall Street expectations.
"Micron achieved a 93% year-over-year revenue growth in fiscal Q4, driven by robust demand for our AI-related products. This demand spurred significant growth in our data center DRAM offerings and our industry-leading high bandwidth memory. Our NAND revenue also reached a new high, propelled by data center SSD sales, which topped $1 billion in quarterly revenue for the first time," stated Sanjay Mehrotra, Micron Technology's President and CEO.
In the fourth quarter, Micron reported a net income of $887 million, or $0.79 per share, a stark contrast to the net loss of $1.43 billion, or $1.31 per share, experienced in the same quarter the previous year.
Excluding one-time items, earnings reached $1.34 billion, or $1.18 per share, outpacing the average analyst estimate of $1.14 per share.
Quarterly revenue surged 93% year-over-year to $7.75 billion.
Looking forward, Micron anticipates first-quarter revenue to be around $8.70 billion, plus or minus $200 million, with adjusted earnings per share projected at $1.74, plus or minus $0.08. Analysts had forecast earnings of $1.64 per share on revenues of $8.28 billion for the quarter.
On Wednesday, Micron Technology's stock closed at $95.77, an increase of 1.88 percent. Over the past year, the stock has fluctuated between $63.83 and $157.54.
