Micron Technology profit and revenue surged in the fiscal fourth quarter, as the company said the shortage of memory chips shows no signs of slowing down. "Industry demand has strengthened since our last earnings call, and we expect memory and storage supply demand conditions to be much tighter in fiscal 2027 and 2028 than they were in 2026," Chief Executive Sanjay Mehrotra said on a Wednesday call with analysts.
Mehrotra's comments come as investors debated the durability of the memory shortage. In June, he told analysts the memory crunch would last past 2027, but struck a softer tone than on Wednesday. Micron has been working to boost production capacity, with several fabs on track to start production over the next two years.
The company guided for around $25 billion in capital expenditures in the first half of the fiscal year, including about $11.5 billion in the first quarter. Most increased spending will go toward construction. Micron also disclosed it had signed 26 long-term supply agreements with customers, up from 16 in June, totaling $32 billion in financial commitments.
Micron reported a profit of $37.7 billion, or $32.87 a share, in the quarter ended Sept. 3, up from $3.2 billion a year earlier. Revenue rose to $54.23 billion from $11.32 billion. Analysts were expecting $51.33 billion in revenue. For the current first quarter, Micron projects adjusted earnings of between $37.15 and $39.15 a share on revenue of $60 billion to $63 billion.
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