Micron stock price rose with a bullish revenue outlook.

Micron Technology, a major chip company in the United States, announced its fourth quarter results for the fiscal year ending on August 29, 2024.

According to the financial report, Micron Technology, led by its storage chips, demonstrated the largest growth in artificial intelligence revenue in over 10 years during the fourth quarter, surpassing Wall Street's financial estimates for the next quarter as well. Boosted by this news, Micron Technology's stock price surged more than 14% after hours.

The company's products are simultaneously supplied to a wide range of customers in the computer, datacenter, and smart phone industries. Therefore,This positive financial report from Micron Technology may bring further confidence to the global chip industry.

Micron Technology's fourth quarter financial report ending on August 29th stated,

Revenue: $7.75 billion (1.4% increase), surpassing analyst estimates.

Revenue: $7.75 billion, surpassing analyst estimate of $7.65 billion (1.4% increase).

Adjusted operating profit: $1.75 billion, surpassing analysts' financial estimates of $1.63 billion (7.1% higher).

Earnings per share (non-GAAP basis): $1.18, exceeding analysts' forecast of $1.11 (5.9% upward revision).