Micron’s revenue quadrupled as AI memory demand pushes gross margins above 81 percent

TL;DR

Micron Q3 revenue hit $41bn, quadrupling year-over-year on surging AI memory demand, with gross margins above 81 percent and Q4 guidance of $50bn.

Micron Technology posted fiscal third-quarter revenue of nearly $42bn, quadrupling from just over $9bn a year earlier and beating Wall Street estimates by a wide margin. The results, reported on Tuesday, confirm that the company riding the AI memory boom hardest is the one whose stock has already climbed roughly 700 percent over the past year.

Adjusted earnings came in above $25 a share, compared with analyst expectations of roughly $21. GAAP net income exceeded $28bn, or nearly $25 a share, up from just under $2bn in the year-ago quarter. Gross margins hit above 81 percent, up from 69 percent in the prior quarter and 27 percent a year earlier.

The headline number is revenue growth. Micron brought in nearly $42bn against a consensus estimate of...

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