Why Micron Stock Is Soaring in After-Hours Trading

Core Viewpoint - Micron Technology reported record financial results for Q1 fiscal 2026, exceeding analysts' expectations, which has led to a significant increase in its stock price in after-hours trading [1][2]. Financial Performance - Micron achieved revenue of $13.64 billion in Q1 2026, marking a 56.7% year-over-year increase, surpassing analysts' expectations of $12.88 billion [4]. - The cloud memory business unit was the largest contributor to growth, generating $5.28 billion in sales, which represents a 99.5% increase compared to Q1 fiscal 2025 [4]. - Adjusted diluted earnings per share (EPS) were reported at $4.78, exceeding the estimated EPS of $3.94 [6]. - The company reported a record free cash flow of $3.9 billion, surpassing its previous record from Q4 2018 by over 20% [7]. Future Projections - Management projected Q2 2026 revenue between $18.3 billion and $19.1 billion, with adjusted diluted EPS expected to be between $8.22 and $8.62 [8].