Micron Reports $41.46 Billion Revenue, More Than Quadrupling From a Year Earlier

Micron reported fiscal third-quarter revenue of $41.46 billion on Wednesday, more than four times the $9.3 billion recorded a year earlier, Cnbc reported. The figure exceeded consensus estimates of nearly $36 billion. The company forecast revenue of about $50 billion for the current quarter, compared with $11.3 billion in the same period last year.

Micron said it has signed 16 long-term agreements with customers in data centers and automakers that lock in sales for three to five years and carry expected financial commitments of $22 billion. Cnbc reported that the company expects roughly 40 percent of revenue to come from such contracts, which include minimum prices. The agreements are intended to reduce margin risk if demand softens.

Micron's stock rose 16.4 percent in premarket trading on Thursday. The shares have gained 723 percent over the past year, bringing the company's market capitalization to $1.2 trillion.