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Micron Technology delivered record first-quarter results and issued a bullish forecast for the current quarter, driven by rising memory prices and strong demand linked to artificial intelligence workloads. The upbeat outlook sent Micron shares up about 6% in extended trading, reflecting investor optimism around the memory chipmaker’s growth trajectory.
For the quarter ended Nov. 27, Micron reported non-GAAP earnings of $4.78 per share, significantly exceeding the average analyst estimate of $3.94. Revenue jumped to $13.64 billion, up sharply from $8.71 billion a year earlier and well above consensus expectations of $12.83 billion. The strong performance highlights a rapid recovery in the memory market after a prolonged downturn.
Micron has benefited from a notable rebound in conventional DRAM pricing, which remains its core profit driver, as well as accelerating demand for high-speed memory used in generative AI systems. According to supply chain checks, DRAM prices are expected to rise by double digits on a quarterly basis in the current and following quarters. Buyers are increasingly concerned about potential supply constraints extending into 2026, which is strengthening pricing power across the industry.
Looking ahead, Micron issued an aggressive forecast for the second quarter of fiscal 2026. The company expects revenue of $18.7 billion, plus or minus $400 million, far exceeding Wall Street’s consensus estimate of $14.23 billion. At the midpoint, Micron projects earnings per share of $8.42, nearly double the analyst consensus of $4.49, underscoring confidence in sustained demand and margin expansion.
Chief Executive Sanjay Mehrotra said Micron achieved record revenue and significant margin growth across all business units in fiscal Q1. He added that the company expects performance to continue strengthening through fiscal 2026 as Micron increases investments to support growing demand for memory and storage in AI systems.
Demand for high-bandwidth memory and advanced NAND used in AI infrastructure has further boosted pricing, margins, and cash flow. Micron reported operating cash flow of $8.41 billion, up from $5.73 billion in the prior quarter and $3.24 billion a year earlier, while free cash flow reached a record level, reinforcing its strong financial momentum.
