Micron Earnings Beat Wall Street as Memory Shortage Pushes Revenue to a Record $54.2 Billion
Micron just turned a commodity chip business into a money machine. The memory maker reported fiscal fourth-quarter revenue of $54.23 billion, up 379% from the $11.32 billion it pulled in a year ago, and both revenue and profit landed above Wall Street’s already-high expectations. Adjusted earnings came in at $33.42 a share, versus the roughly $31.61 analysts expected on $51.07 billion in sales, per CNBC and LSEG data. The quarter is the clearest proof yet that the AI buildout has turned memory into the industry’s choke point. Management described demand conditions as one of the most severe shortages the industry has seen, and the numbers back that up: this was Micron’s seventh straight quarter of triple-digit percentage earnings growth. ...