04:56 PM EDT, 09/25/2024 (MT Newswires) -- Micron Technology ( MU ) late Wednesday swung to a bigger-than-expected profit for the fiscal fourth quarter as mounting demand for artificial intelligence propelled the memory and storage product maker's revenue above Wall Street's estimates.

Micron reported adjusted per-share earnings of $1.18 during the three months ended Aug. 29, compared with a $1.07 loss a year earlier. The Capital IQ-polled consensus was for earnings of $1.11. Revenue soared 93% to $7.75 billion, topping the Street's $7.65 billion view.

Micron's shares were up 13% in after-hours trading.

"Robust AI demand drove a strong ramp of our data center (dynamic random-access memory) products and our industry-leading high bandwidth memory," Chief Executive Sanjay Mehrotra said in a statement. Data center solid state drive sales exceeded $1 billion in quarterly revenue for the first time, he said.

Dynamic random-access memory, or DRAM, is the memory architecture used by majority of computers, servers and consumer electronics, according to information posted on IBM's website.

All four of Micron's business units posted revenue gains year-over-year, with storage and compute and networking sales more than doubling, according to an investor presentation.

For the ongoing quarter, Micron forecast adjusted EPS of $1.74, plus or minus $0.08, on expected revenue of $8.5 billion to $8.9 billion. The consensus is for normalized EPS of $1.54 and sales of $8.21 billion.

"We are entering fiscal 2025 with the best competitive positioning in Micron's history," Mehrotra said. "We forecast record revenue in (the fiscal first quarter) and a substantial revenue record with significantly improved profitability in fiscal 2025."

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