Micron shares fell about 3% in extended trading on Wednesday as investors looked past better-than-expected results and focused instead on a revenue forecast that was in line with estimates.
Analysts were expecting earnings per share of $1.05 on revenue of $7.6 billion.
Micron CEO Sanjay Mehrotra highlighted the company's AI business in a statement while saying that its smartphone and PC markets remain sluggish.
On a call with analysts, Micron said that its high bandwidth memory, the kind used in AI chips, is sold out through 2025.
"We believe that Micron will be one of the biggest beneficiaries in the semiconductor industry in the multiyear growth opportunity driven by AI," Mehrotra said.
Persons:
Sanjay Mehrota, Sanjay Mehrotra, Mehrotra
Organizations:
Micron Technology, Micron
Locations:
Davos, Switzerland