US memory chip maker Micron Technology tripled its revenue in the second quarter of fiscal 2026 to a record high, thanks to strong demand for its products amid a boom in artificial intelligence.
The company is ramping up investment in manufacturing, expecting demand for memory chips to outstrip supply in the near future.
Micron said in a press release that revenue in its fiscal second quarter ended 26 February jumped to $23.86 billion from $8.05 billion in the same period a year earlier. The consensus forecast of analysts surveyed by FactSet for the figure was $19.97bn.
The company’s net income rose to $13.79bn, or $12.07 per share, last quarter from $1.58bn ($1.41 per share) a year earlier. Earnings excluding non-recurring factors are $12.2 per share, compared with the market’s average forecast of $9.19 per share.
Gross margin rose to 17.76% from 2.96% a year earlier thanks to a sharp rebound in chip prices. The index also hit a record high.
“Memory chips have become a strategic asset for our customers in the age of artificial intelligence, and we are investing in global manufacturing infrastructure to support growing demand,” Micron said in a press release.
Micron expects its capital expenditures this fiscal year to exceed $25 billion (analysts’ forecast is $22.26 billion).
For the current quarter, the company forecasts revenue of $32.75 billion to $34.25 billion (analysts’ forecast of $24.29 billion), net income of $18.5 to $19.3 per share, and adjusted earnings of $18.75 to $19.55 per share.
Micron’s board of directors approved a 30% increase in the quarterly dividend to $0.15 per share.
The company’s shares fell 4.4% in additional trading on Wednesday. Their value has risen 61.8% since the beginning of this year.