US memory chip maker Micron Technology has reported a 5.7-fold increase in net income in the third quarter of fiscal 2025 and a record revenue acceleration, with adjusted earnings and revenue beating market expectations.
The company said in a press release that net income for the quarter ended May 29 was $1.885 billion, or $1.68 per share, compared to $332 million, or $0.3 per share, for the comparable period a year earlier. Adjusted earnings were $1.91 per share versus $0.62.Revenue increased to a record $9.301 billion from the prior year’s $6.811 billion. Sales of DRAM memory chips used in personal computers and servers hit an all-time high, while revenue in the data centre segment more than doubled.
Experts polled by FactSet on average forecast adjusted earnings of $1.6 per share on total revenue of $8.9 billion.
Micron expects fourth fiscal quarter revenue in the range of $10.4-11 billion, net income of $2.14-2.44 per share, and adjusted earnings of $2.35-2.65 per share. “We are on track to end fiscal 2025 with record revenue at high margins and free cash flow, and are disciplined in investing in our technology leadership and outstanding operating results to meet the growing AI-driven demand for memory,” said CEO Sanjay Mehrotra.
Micron is one of the global leaders in the DRAM chip market as well as in the flash memory segment for smartphones.
Quotes of shares of the company rose by 0.9% in additional trading on Wednesday after the publication of reports.