Micron Technology Reports Stellar Q1 Results Amid AI Demand Surge
Micron Technology (NASDAQ: MU) reported a remarkable 57% revenue increase for its first quarter, totaling $13.6 billion, surpassing analyst expectations of $12.9 billion. The company’s profits also soared, with adjusted earnings per share climbing to $4.78—well above estimates of $3.94. Micron attributed these results to “AI demand acceleration,” noting that its cloud memory division’s revenue doubled to $5.3 billion, reflecting a booming market for AI components.
Looking ahead, Micron has forecasted a substantial revenue of approximately $18.5 billion for the next fiscal quarter, exceeding the consensus estimate of $14.4 billion. The company projects a remarkable 40% compound annual growth rate (CAGR) for its high-bandwidth memory (HBM) market, anticipating it to reach around $100 billion by 2028.
