Micron Technology just posted the kind of earnings report that makes Wall Street analysts double-check their spreadsheets. The memory chipmaker delivered fiscal Q3 revenue of $41.46 billion, blowing past consensus estimates of roughly $35.8 billion and dwarfing the $9.3 billion it reported in the same quarter last year.
That’s not a typo. Revenue more than quadrupled year-over-year. The stock responded accordingly, surging approximately 11-16% after the announcement and dragging the entire semiconductor sector upward with it.
The numbers behind the rally
Micron’s non-GAAP earnings per share landed at $25.11, comfortably clearing the $20.5 to $20.8 range analysts had penciled in. But the forward guidance is what really caught attention.
The company projected Q4 revenue of approximately $50 billion. Wall Street had been modeling around $43 billion. In English: Micron expects to generate $7 billion more in a single quarter than professional forecasters anticipated.
