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(Sharecast News) - Chipmaker Micron Technology reported a sharp acceleration in growth in its third quarter, with revenues more than quadrupling as demand linked to the artificialintelligence boom continued to surge.
Micron Technology said revenues came in at $41.46bn, well ahead of the $35.84bn expected, while adjusted earnings per share of $25.11 also beat forecasts of 20.78 per share. Sales were up from $9.3bn a year earlier.
Gross margins jumped to 84.9%, from 74.9% in the previous quarter and 39% a year earlier, while net income rose to $28.24bn, or $24.46 per share, from $1.89bn a year earlier.
All four business units delivered strong growth, led by Micron's datacentre segment, where revenues rose more than sevenfold to $11.5bn. Cloud memory sales climbed over 300% to $13.77bn, while mobile and client revenue increased 250% to $11.52bn. Automotive and embedded memory sales also more than quadrupled to $4.63bn.
For the current quarter, Micron guided to revenue of around $50bn, compared with $11.3bn a year ago and above analysts' expectations of $43.58bn.
Micron added that it had signed 16 longterm supply agreements with customers including datacentre operators and automakers, representing $22bn in financial commitments.
As of 1020 BST, Micron Technology shares were up 15.78% in pre-market trading at $1,213.96 per share.
Reporting by Iain Gilbert at Sharecast.com
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