Micron Technology reported its first-quarter fiscal 2026 financial results after the market closed, exceeding analyst expectations on both revenue and profit. The company’s shares surged in the after-hours trading session, rising 8.1% from their closing price earlier.
In Q1 2026, Micron achieved a record for revenue at $13.64 billion, with year-over-year growth of 56.7%. This represents a significant increase compared to analysts’ forecasts. The cloud memory business unit saw the most substantial growth, with sales rising by 99.5% from last year.
The company also reported strong free cash flow of $3.9 billion, which surpassed its previous record set in fiscal Q4 2018. For the upcoming second quarter, management projected revenue between $18.3 billion and $19.1 billion, with adjusted diluted earnings per share ranging between $8.22 and $8.62.
While Micron’s stock is currently on an upward trend, investors should not follow the herd and conduct thorough due diligence to determine if it aligns with their investment goals. The Motley Fool has identified other stocks that could potentially offer higher returns in the long term.
Source: https://www.nasdaq.com/articles/why-micron-stock-soaring-after-hours-trading