Micron Technology beat analysts' estimates for third-quarter revenue on Wednesday, driven by demand for its memory chips from the fast-growing artificial intelligence sector.
The company logo is seen on the Micron Technology Inc. offices in Shanghai, China May 25, 2023. REUTERS/Aly Song/File Photobeat analysts' estimates for third-quarter revenue on Wednesday, driven by demand for its memory chips from the fast-growing artificial intelligence sector.CEO Sanjay Mehrotra said customers continued to reduce their excess inventory in the quarter with inventories in the PC and smartphone segments being close to normal levels.
Micron reported revenue of $3.75 billion for the quarter ended May 31, compared with estimates of $3.65 billion, according to IBES data from Refinitiv. The proliferation of generative AI will likely fuel a jump in demand for data to feed large language models and could boost the need for more storage chips, analysts have said.
Micron, the biggest U.S. memory chipmaker, has said that it expects the ban to impact about half of its revenue from China-headquartered firms, which equates to a low-double-digit percentage of total revenue.
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