Micron sales beat expectations as chip supplies remain tight, prices high

Micron Technology Inc on Wednesday beat Wall Street estimates for quarterly profit and forecast fourth-quarter revenue above expectations, as tight supplies of memory chips and continued strong demand kept prices high.

The chipmaker forecast current-quarter revenue of $8.2 billion, plus or minus $200 million, while analysts on average were expecting $7.87 billion, according to IBES data from Refinitiv.

Micron makes NAND memory chips that serve the data storage market and DRAM memory chips that are used in data centers, smartphones and other computing devices. It has benefited from the pandemic-induced global shift toward remote work as demand for laptops and other electronic devices soared.