Micron Technology Q3 Results and FY Q4 Outlook

Micron Technology reported fiscal third‑quarter results for the quarter ended May 28, delivering adjusted earnings of $25.11 per share, well above the analyst consensus of $20.49 per share. Revenue reached a record $41.46 billion, surpassing the consensus forecast of $35.69 billion and representing a rise from $9.30 billion in the comparable quarter a year earlier.

The company issued a strong FY Q4 outlook, projecting revenue between $49 billion and $51 billion, considerably higher than the Wall Street consensus of $43.24 billion. Micron also forecast earnings per share of $30.00 to $32.00, versus analyst expectations of $25.31 per share.

Following the release, Micron’s shares surged over 13 % in after‑hours trading. The board declared a quarterly dividend of $0.15 per share, payable on July 21. During the quarter, Micron invested $7.1 billion in capital expenditures and generated adjusted free cash flow of $18.3 billion.

CEO Sanjay Mehrotra, who serves as Chairman, President and CEO, said on the post‑earnings call that memory‑supply constraints are expected to persist beyond calendar 2027 due to AI‑driven demand across all segments and structural supply limits, potentially extending into late 2028 or 2029. He highlighted the strategic value of memory in the AI era and noted that Micron’s multi‑year Strategic Customer Agreements should enhance the durability and predictability of its financial performance.

Micron also emphasized continued momentum in its AI‑focused product portfolio, citing high‑volume shipments of HBM4 memory for a lead‑customer platform, progress on next‑generation HBM4E products, and expanded production of advanced SSD and LPDDR5X memory solutions.

Analyst commentary noted the broader market implications: Gene Munster of Deepwater Asset Management remarked that the AI trade remains highly positive and could outpace supply into CY28‑29. Wedbush analysts described the results as evidence that the memory and chip trade is “well‑intact and still in the early stages of playing out.”

Over the past year, Micron’s stock has gained more than 700 %, propelling the company past the $1 trillion market‑capitalization milestone.

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