Micron Technology Inc. (NASDAQ:MU) delivered a blowout third-quarter earnings report, and the ripple effect is lifting shares of fellow memory and storage names SanDisk Corp. (NASDAQ:SNDK), Western Digital Corp. (NASDAQ:WDC), and Seagate Technology Holdings PLC (NASDAQ:STX).
- MU stock is climbing after earnings. Watch the price action here.
Investors are reading Micron’s numbers as confirmation that the upcycle in memory, NAND and broader storage demand remains intact, driving a bid into the entire group.
Micron Q3 Details
Revenue surged to $41.46 billion, far ahead of analyst expectations near $35.6 billion, while adjusted EPS jumped to $25.11, topping forecasts of roughly $20.60 per share, according to Benzinga Pro.
Year-over-year revenue growth of about 346% highlights how rapidly demand for high-bandwidth memory and advanced DRAM is hitting the balance sheet.
Robust operating cash flow of $25.39 billion and adjusted free cash flow of $18.3 billion give Micron considerable firepower to keep investing aggressively in capacity and technology.
The Outlook
The forward guidance is what really ignited enthusiasm across memory peers.
Micron projected fourth-quarter revenue of $50 billion, plus or minus $1 billion, versus consensus estimates near $42.95 billion.
It also guided for adjusted EPS of $31 per share, plus or minus $1, compared with expectations around $25.50.
Wall Street often treats Micron as a bellwether for the broader memory and storage complex, so its strong print and outlook naturally spilled over into SanDisk, Western Digital and Seagate.
These companies supply NAND flash and HDD solutions that sit alongside DRAM and HBM in data centers and edge infrastructure, so improving pricing and volume trends in Micron’s core markets typically foreshadow better fundamentals for them too.
Price Actions
SanDisk shares were up 11.58% at $2,136.05 and Seagate Technology shares were up 8.91% at $1,081.71 during after-hours trading on Wednesday, according to Benzinga Pro.
Western Digital shares were up 10.98% at $714 and Micron shares were up 14.92% at $1.208.95 during after-hours trading on Wednesday.
Photo: Mentor57 / Shutterstock
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