Micron Technology Reports 38% Rise in Q2 Profit, Forecasts Strong AI Demand

Micron Technology reported impressive fiscal second-quarter results, with earnings rising to $1.583 billion, or $1.41 per share, compared to $793 million last year. Revenue increased by 38.3% to $8.053 billion, surpassing Wall Street expectations of $7.91 billion. The company also provided an optimistic forecast for the third quarter, predicting revenue of approximately $8.80 billion, fueled by strong demand for high bandwidth memory chips essential for the AI industry. Analysts had expected around $8.5 billion in revenue for the upcoming quarter. Following the earnings announcement, Micron shares gained 4.5% in after-hours trading. Overall, these results reflect robust growth driven by the rising need for memory products in AI applications.