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Micron stock rallies over 16% in premarket trading after blockbuster earnings
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Micron soared in premarket trading on Thursday after the memory maker reported blockbuster third-quarter earnings as the AI boom causes demand for memory to surge.
Key facts
- The company's revenue more than quadrupled from $9.3 billion a year earlier to $41.46 billion in its fiscal third quarter, it reported on Wednesday
- The company is now forecasting revenue of about $50 billion for the current quarter, an increase from $11.3 billion in the prior year
- In premarket trading on Thursday, Qualcomm was last up 12%, Intel rose nearly 6%, AMD gained 3.6%, and Nvidia was up 1.5%
- The company said on Wednesday that it has signed 16 long-term agreements with several customers ranging from data centers to automakers, locking in sales for a period of three to five years, and it
Summary
The company's revenue more than quadrupled from $9.3 billion a year earlier to $41.46 billion in its fiscal third quarter, it reported on Wednesday. The company is now forecasting revenue of about $50 billion for the current quarter, an increase from $11.3 billion in the prior year. Micron has benefited from the AI infrastructure buildout by major hyperscalers, as AI data centers require large amounts of memory chips. The company said on Wednesday that it has signed 16 long-term agreements with several customers ranging from data centers to automakers, locking in sales for a period of three to five years, and it expects to see financial commitments of $22 billion from them.