Micron reports earnings, revenue beat and issues strong forecast

• Micron beat on the top and bottom lines for the fiscal third quarter.
• The stock rose in extended trading.
• The chipmaker's forecast also beat expectations.

Micron shares rose in extended trading on Wednesday after the chipmaker reported better-than-expected earnings and revenue and issued a forecast that also topped analysts' estimates.

Here's how the company did in comparison with the LSEG consensus:

• Earnings per share:$1.91, adjusted vs. $1.60 expected
• Revenue:$9.3 billion vs. $8.87 billion expected

Micron said revenue in the current period, its fiscal fourth quarter, will be about $10.7 billion, up 38% from $7.75 billion a year earlier and ahead of the $9.9 billion average analyst estimate, according to LSEG.

Data center revenue more than doubled in the third quarter, Micron said, as total sales jumped 37% from $6.81 billion a year ago. The company has seen soaring demand in the high bandwidth memory, or HBM, market due to the artificial intelligence boom.

• Nvidia CEO Huang sells $15 million worth of stock, first sale of $873 million plan
• Judge rules Anthropic did not violate authors' copyrights with AI book training
• Amazon bringing faster delivery to thousands of small towns and cities
• Uber, Waymo robotaxi service opens to passengers in Atlanta

Sanjay Mehrotra, Micron's CEO, said in the earnings release that the company is making “disciplined investments to build on our technology leadership and manufacturing excellence to satisfy growing AI-driven memory demand.”

As of Wednesday's close, Micron shares were up 51% for the year, while the Nasdaq has gained 3.4%.