Micron Technology released its first quarter results for fiscal year 2026 on Wednesday. Both revenue and adjusted earnings per share exceeded Wall Street expectations, and it also gave a strong outlook for the current quarter. Micron Technology shares rose 5% in after-hours trading on the positive results.
The following is a comparison of Micron Technology's current quarter results with the London Stock Exchange Group's (LSEG) consensus market expectations:
Adjusted earnings per share: $4.78, consensus $3.95;
Revenue: $13.64 billion, compared with $12.84 billion expected.
Micron Technology expects revenue in the second quarter of fiscal 2026 to reach approximately US$18.7 billion, far exceeding market expectations of US$14.2 billion; adjusted earnings per share are expected to be approximately US$8.42, significantly exceeding market expectations of US$4.78.
Sanjay Mehrotra, CEO of Micron Technology, said in an analyst earnings conference call: "The expansion of the computing power of artificial intelligence data centers is driving the market's demand for high-performance, large-capacity memory and storage products to grow significantly, and the demand for server machines has also strengthened significantly." He also added that the company expects server machine shipments to achieve "high single-digit" year-on-year growth in 2025.
The financial report shows that Micron Technology’s first-quarter net profit reached US$5.24 billion, or US$4.60 per share, a significant increase from the net profit of US$1.87 billion and US$1.67 per share in the same period last year; total revenue surged 57% year-on-year.
Micron Technology specializes in computer memory and solid-state drive storage products. In recent months, as the demand for these two types of chips has surged due to the artificial intelligence infrastructure construction boom, related semiconductor products have continued to be in short supply.
Strong demand in the memory market has driven Micron Technology's stock price to continue rising, with the stock price rising by 168% in 2025.
Micron Technology is one of three companies in the world that can produce the high-bandwidth memory required for artificial intelligence applications. For example, AMD's latest artificial intelligence chips use a large number of Micron's memory products.
According to the financial report, Micron Technology’s cloud computing memory sales reached US$5.28 billion, doubling year-on-year; core data center business sales were US$2.38 billion, a year-on-year increase of only 4%. The company said that the revenue growth of these two business segments was due to the increase in product selling prices.
Earlier this month, Micron Technology announced that it would stop selling memories and other related components directly to consumers in order to prioritize production capacity to ensure the supply needs of artificial intelligence chips and data centers.