Micron Technology stock soared after it reported a record-breaking financial performance in the third quarter of the 2026 financial year (Q3 FY26), powered by surging demand for memory chips used in artificial intelligence (AI) infrastructure.
Micron shares (NASDAQ: MU) leapt $164.39 (15.69%) to $1,212.99 in after-hours trading following the release of the results, which included forecasts of quarterly profit and revenue well above expectations.
They had earlier closed $3.26 (1.31%) down at $1,048.51, capitalising the company at $1.18 trillion (A$1.71 trillion) in regular trading on Wednesday (Thursday AEST).
The U.S. computer chip maker said net income was $28.243 billion in the three months ended 28 May 2026, 1400% more than $1.885 billion in the previous corresponding period (pcp) and 104% more than $13.785 billion in the second quarter.
Diluted earnings per share (EPS) soared 1418% to $25.67 on revenue, which was 346% higher at $41.456 billion, both compared with the pcp.
For the first nine months of the FY26 year, net income increased 786% to $47.268 billion, and diluted EPS leapt 772% to $41.40 on revenue, which was 203% higher at $78.959 billion.
The company said net income was $28.243 billion in the three months ended 28 May 2026, 1400% more than $1.885 billion in the previous corresponding period and 104% more than $13.785 billion in Q2.
Diluted earnings per share (EPS) soared 1418% to $25.67 on revenue, which was 346% higher at $41.456 billion, both compared with the pcp.
For the first nine months of the FY26 year, net income increased 786% to $47.268 billion, and diluted EPS leapt 772% to $41.40 on revenue, which was 203% higher at $78.959 billion.
The company also forecast fourth-quarter revenue of about $50 billion and adjusted EPS of $31, both comfortably ahead of Wall Street forecasts.
“Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era,” Chairman, President and CEO Sanjay Mehrotra said in a news release.
“Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”
“Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”
The results underline how AI has transformed the memory market, with demand for high-bandwidth memory (HBM) chips used alongside advanced AI processors continuing to outstrip global supply.
