Micron Gains Modestly After $54.23 Billion Q4 as 2028 Growth Outlook Revives Cycle Fears
Updated
Updated · Yahoo Finance · Oct 4
Micron Gains Modestly After $54.23 Billion Q4 as 2028 Growth Outlook Revives Cycle Fears
3 articles · Updated · Yahoo Finance · Oct 4
Summary
Micron shares rose only modestly after the company beat expectations in fiscal Q4, despite reporting $54.23 billion in revenue and earnings strength tied to AI memory demand.
Analyst forecasts help explain the muted reaction: after projecting 107% revenue growth for fiscal 2027, they see fiscal 2028 growth slowing to less than 8%, signaling a possible memory-cycle downturn.
That risk matters because Micron sells commoditized memory chips, where today's supply shortage and pricing power can reverse into production cuts and price slashing once supply overtakes demand.
Valuation reflects that caution: Micron trades at about 15 times trailing earnings and just above 6 times forward earnings, but a severe profit drop in a downturn could quickly make those multiples look far less cheap.