Micron Beats Q3 Earnings Expectations on June 24, Raises 2027 Guidance as Stock Surges 2.7%

Micron Technology reported fiscal third-quarter results on June 24 that exceeded analyst expectations, with revenue of $41.46 billion against forecasts of $35.59 billion and adjusted earnings per share of $25.11 versus consensus estimates of $20.60. The strong performance drove the stock up 2.7% to near $1,046. More significantly, management raised its guidance for the fourth quarter to $49 billion to $51 billion and projected adjusted gross margins of roughly 86%, signaling continued pricing strength.

Chief Executive Sanjay Mehrotra stated that AI-driven market tightness is expected to persist beyond 2027, reinforcing the notion that demand for memory in AI infrastructure may differ from typical semiconductor cycles. The earnings followed a Bank of America price target increase to $1,500, a strategic partnership announcement with Anthropic on memory and storage technologies for AI workloads, and the launch of tokenized Micron shares on Solana.