Micron Technology (MU) shares rose more than 5% in extended trading on Wednesday after the memory maker reported fiscal first-quarter results and guidance that were well above Wall Street’s forecast.
For the period ending Nov. 27, Micron said it earned an adjusted $4.78 per share as revenue rose 57% year-over-year to come in at $14.34B. Adjusted operating income during the period was $6.42B, while cash flow from operations was $8.41B, compared to $3.24B in the year-ago period.
Analysts had expected the company to earn an adjusted $3.95 per share on $12.95B in revenue.
“In fiscal Q1, Micron delivered record revenue and significant margin expansion at the company level and also in each of our business units,” said Sanjay Mehrotra, Chairman, President and CEO of Micron, in a statement. “Our Q2 outlook reflects substantial records across revenue, gross margin, EPS and free cash flow, and we anticipate our business performance to continue strengthening through fiscal 2026. Micron’s technology leadership, differentiated product portfolio, and strong operational execution position us as an essential AI enabler, and we are investing to support our customers’ growing need for memory and storage.”
Looking ahead to the second quarter, Micron said it expects to earn between $8.22 and $8.62 per share on an adjusted basis, while revenue is expected to be between $18.3B and $19.1B. Analysts had expected the company to earn an adjusted $4.78 per share on $14.3B in revenue.
The company will host a conference call at 4:30 p.m. EST to discuss the results.