Micron Q1 Revenue Soars 57% to $13.64B, Guides $18.7B for Q2
Micron Technology reported fiscal Q1 revenue of $13.64 billion, up 57% year-over-year, with cloud memory sales nearly doubling to $5.28 billion, and forecast Q2 revenue of $18.7 billion and adjusted earnings of $8.42 per share. The stock jumped 8.5% on strong AI-driven memory demand and optimism over prolonged chip shortages.
1. Strong Q1 Financial Performance
Micron reported fiscal first-quarter revenue of $13.64 billion, up 57% from a year earlier, with cloud memory sales surging to $5.28 billion. Executives cited robust data-center demand and AI applications as primary drivers of the revenue leap.
2. Bullish Q2 Guidance
For the second quarter, management forecast revenue of $18.7 billion and adjusted earnings of $8.42 per share, indicating continued strength in memory markets and potential for margin expansion.
3. Stock Reaction and Market Context
Shares rallied more than 7% following the earnings release, propelling the stock to record highs and contributing to a broader semiconductor index gaining momentum. Investors remain optimistic on AI-driven memory demand and the prospect of persistent supply shortages sustaining pricing power.
4. Supply Constraints and Policy Initiatives
Micron is lobbying U.S. lawmakers to enact the MATCH Act to restrict advanced chipmaking equipment exports to China and curb rival capacity growth. Meanwhile, key supplier ASML raised its full-year revenue guidance to €38 billion, forecasting prolonged memory-chip shortages that should keep DRAM and NAND prices elevated.