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(Sharecast News) - Semiconductor group Micron Technology posted strongerthanexpected quarterly results after the close on Wednesday as the memorychip maker continued to benefit from surging demand for AI infrastructure, with the shares edging higher in afterhours trade.
Micron said adjusted earnings per share came in at $33.42, ahead of the $31.61 expected on the Street, while revenues rose to $54.23bn, topping forecasts of $51.07bn and almost quadrupling from $11.32bn a year earlier.
Net income jumped to $37.7bn, or $32.87 per share, up from $3.2bn, or $2.83 per share in Q3.
Chief executive Sanjay Mehrotra said Micron had a "strong roadmap for future HBM products" and was working with Nvidia on the industry's "first custom HBM implementation".
For the fiscal first quarter, Micron guided to revenues of around $61.5bn and adjusted earnings per share of $38.15, well above analysts' expectations for $35.40 on $57bn of revenue.
As of 1130 BST, Micron shares were up 0.38% in pre-market trading at $1,069.20 each.
Reporting by Iain Gilbert at Sharecast.com
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