Micron Technology Shares Hit Record High, Last up 7.8%
Micron Technology stock surged Thursday, the day after the memory chip maker reported better-than-expected earnings results and gave guidance that was significantly higher than expectations.
For the November quarter, the chip company reported earnings per share of $4.78, compared with Wall Street’s consensus estimate of $3.96, according to FactSet. Revenue came in at $13.6 billion, which was above analysts’ expectations of $12.9 billion. For the current quarter, Micron forecast a revenue range with a midpoint of $18.7 billion, above analysts’ expectations of $14.3 billion.
“Outside of NVIDIA this was likely the best revenue/$ net income upside in the history of the U.S. semis industry,” Morgan Stanley analyst Joseph Moore wrote in a note to clients Thursday.
Moore is referring to the Nvidia earnings report from May 2023, which sparked the start of the artificial-intelligence trade. At the time, Nvidia provided a quarterly revenue outlook of $11 billion versus the $7.2 billion consensus.
