Semiconductor firm Micron Technology Inc. (NASDAQ: MU) reported stronger-than-expected revenues and earnings for the third quarter of 2021.
Third-quarter profit, excluding one-off items, more than doubled to $1.88 per share from $0.82 per share a year ago. The bottom-line growth was driven by a 36% increase in revenues to $7.42 billion.
Unadjusted profit was $1.74 billion or $1.52 per share, compared to $803 million or $0.71 per share in the third quarter of 2020. Both revenues and earnings exceeded the consensus estimate.
“Our industry-leading 1α DRAM and 176-layer NAND now represent a meaningful portion of our production, and Micron is in the best position ever to capitalize on the long-term demand trends across the data center, intelligent edge and user devices,” said Micron’s CEO Sanjay Mehrotra.
Read management/analysts’ comments on Micron’s Q3 earnings
Micron’s stock closed Wednesday’s regular session higher but declined in the after-hours trading.