FILE PHOTO: A smartphone with a displayed Micron logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo:Chipmaker Micron Technology beat estimates for third-quarter revenue on Wednesday, driven by a surge in demand for its memory chips from the booming AI industry and improved pricing in other markets.
The company forecast revenue of $7.6 billion, plus or minus $200 million, for the current quarter, compared with an estimate of $7.6 billion, according to LSEG data. "We are gaining share in high-margin products like High Bandwidth Memory and our data center SSD revenue hit a record high, demonstrating the strength of our AI product portfolio across DRAM and NAND," Micron CEO Sanjay Mehrotra said.
Micron reported revenue of $6.81 billion for the third quarter, compared with an estimate of $6.67 billion, according to LSEG data.
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