Micron Technology reported quarterly results that exceeded analyst expectations, driven by robust demand for memory chips essential to artificial intelligence systems. The company’s revenue nearly quadrupled in its fiscal fourth quarter compared to the prior year, reaching approximately $39.8 billion in DRAM revenue alone, which constituted 73% of total sales. Net income for the quarter climbed to $37.7 billion, compared with $3.2 billion in the year-ago period.
Looking ahead to the fiscal first quarter, Micron provided forward guidance substantially above consensus estimates. The company projected revenue of approximately $61.5 billion and adjusted earnings per share of $38.15, exceeding analyst expectations of $57 billion in revenue and $35.40 in adjusted earnings per share. The stock moved higher in extended trading following the announcement.
Micron’s performance reflects broader industry dynamics, with the company positioned as the sole U.S.-based manufacturer of high-bandwidth memory, a specialized technology required for advanced graphics and computing processors used in AI applications. Global supply remains constrained relative to demand, with leading competitors SK Hynix and Samsung also expanding manufacturing capacity in South Korea. Micron holds the smallest market share among the three primary HBM producers, yet its market capitalization has exceeded $1.2 trillion.
The company is undertaking a $250 billion investment program to construct new manufacturing facilities dedicated to HBM production. A major campus in Clay, New York began construction earlier this year, while a new fabrication plant in Boise, Idaho is scheduled to commence operations next year. Company leadership indicated plans to introduce custom HBM implementations in collaboration with Nvidia and noted employee compensation increases during the fiscal year, following labor negotiations at manufacturing facilities.
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