Micron Technology posted fiscal first-quarter earnings on Wednesday that surpassed Wall Street’s expectations for both revenue and earnings per share, while also issuing an upbeat forecast for the upcoming quarter.
The memory manufacturer reported adjusted earnings per share of $4.78, exceeding the LSEG consensus of $3.95. Revenue reached $13.64 billion, topping the forecast of $12.84 billion.
For the second quarter, Micron projected revenue of approximately $18.70 billion, significantly higher than the $14.20 billion estimated by LSEG. Adjusted earnings per share are anticipated to be about $8.42, plus or minus 20 cents, well above the $4.78 per share expectation.
CEO Sanjay Mehrotra said during an earnings call that expansion in AI data center capacity is fueling a sharp increase in demand for high-performance and high-capacity memory and storage. He noted that server unit demand had strengthened considerably, with anticipated growth in server units in the “high teens” for 2025.
Net income for the first quarter came in at $5.24 billion, or $4.60 per share, compared with $1.87 billion, or $1.67 per share, during the same period last year. Overall, revenue soared 57% year-over-year.
For cloud memory, the company reported $5.28 billion in sales, representing a doubling over the prior year. Core data center revenue was $2.38 billion, a 4% rise year-over-year. Higher prices were cited as the main driver for growth across both segments.
Notably, Micron announced earlier this month that it would halt direct sales of memory and related products to consumers, aiming to allocate more supply toward AI chips and data center clients.
Executives stated that the company is in discussions to secure multiyear agreements with major clients and will raise its 2026 capital spending target to $20 billion, up from the previous estimate of $18 billion.
Following the earnings announcement, the company’s shares increased by more than 7% in after-hours trading.
Micron, which supplies memory and solid-state storage widely used in computers, has benefited from ongoing shortages as artificial intelligence infrastructure expansion has required large quantities of its chips. This robust demand has driven Micron shares up 168% so far in 2025.
The company is among just three manufacturers globally that produce the high-bandwidth memory essential for AI applications. Micron’s chips are widely used in AMD’s latest AI products.
