04:50 PM EDT, 06/26/2024 (MT Newswires) -- Micron Technology ( MU ) late Wednesday swung to a bigger-than-expected profit for the fiscal third quarter as pricing gains pushed the memory and storage product maker's revenue above Wall Street's estimates.

Micron reported adjusted per-share earnings of $0.62 during the three months ended May 30, compared with a $1.43 loss a year earlier. The Capital IQ-polled consensus was for earnings of $0.53. Revenue rose to $6.81 billion from $3.75 billion, topping the Street's $6.67 billion view.

"Micron drove robust price increases as industry supply-demand conditions continued to improve," Chief Executive Sanjay Mehrotra said in prepared remarks posted on the company's website. "This improved pricing, combined with our strengthening product mix, resulted in increased profitability across all our end markets,"

All four business units posted sharp revenue gains year over year, with storage sales more than doubling, according to an investor presentation.

For the ongoing quarter, Micron forecast adjusted EPS of $1.08, plus or minus $0.08, on revenue of $7.4 bllion to $7.8 billion. The consensus is for normalized EPS of $1.04 and sales of $7.58 billion.

"We are excited about the expanding (artificial intelligence)-driven opportunities ahead, and are well positioned to deliver a substantial revenue record in fiscal 2025," Mehrotra said in a statement.

Micron's stock was down 5.9% in after-hours activity.

Price: 135.23, Change: -7.13, Percent Change: -5.01