Micron Jumps 17% on Better-Than-Expected Earnings, Gross Margin Hits 84.9%

According to CNBC, Micron Technology shares surged 17% yesterday (June 24) following a much better-than-expected earnings report, with the memory maker's revenue more than quadrupling in the fiscal third quarter. The company also raised its current-quarter profit forecast above analyst expectations.

Micron's gross margin expanded to 84.9%, the highest among major U.S. tech companies, topping Meta's 81.9% and Nvidia's 75%. The stock is poised to open today at an all-time high, having gained more than 700% over the past 12 months. Chip sector peers also rallied in sympathy, with Qualcomm up 10% in extended trading after nearly doubling its projected non-handset division revenue for fiscal 2029.