Micron Technology shares were little changed in after-hours trading on Wednesday, even after the memory chipmaker reported fiscal fourth-quarter results and issued guidance that comfortably topped Wall Street expectations.

The company disclosed the results in a press release published on its investor relations website.

Micron posted record quarterly revenue of $54.23 billion, up from $41.46 billion in the previous quarter and $11.32 billion a year earlier — a nearly fivefold year-over-year jump that underscores how quickly AI spending is reshaping the memory market. Adjusted earnings reached33.42 per share. Analysts had expected revenue of about $51.07 billion and adjusted earnings of $31.61 per share, according to LSEG data cited by Reuters.

The company also issued a stronger-than-expected forecast for its fiscal first quarter. It guided to revenue of $61.5 billion, plus or minus $1.5 billion, and adjusted earnings of $38.15 per share, plus or minus $1. Analysts were looking for roughly $57.02 billion in revenue and $35.40 in adjusted earnings.

The results reflect surging demand for memory used in artificial intelligence infrastructure, particularly high-bandwidth memory deployed alongside advanced processors in data centers. HBM, which stacks memory dies vertically to feed data to chips such as GPUs, has become one of the most closely watched corners of the semiconductor industry, where Micron competes with SK Hynix and Samsung Electronics. Memory has historically been a cyclical business, and Micron and its peers have been investing heavily to expand output as AI data center operators absorb available supply.

Micron's core data center business generated $18 billion in quarterly revenue, up from $11.52 billion in the previous quarter, while its cloud memory unit brought in $16.28 billion.

Chief Executive Sanjay Mehrotra said the company expects an even stronger fiscal 2027 and is increasing investment in technology, manufacturing and new products as AI drives demand for memory. How quickly that added capacity comes online — and whether it keeps pace with orders from data center operators — will help shape how much of the strength Micron anticipates for fiscal 2027 materializes.

For the full fiscal year, Micron reported revenue of $133.19 billion, compared with $37.38 billion a year earlier, while adjusted net income climbed to $86.76 billion. The company spent $27.37 billion on capital expenditures during the year and ended the period with $73.48 billion in cash, marketable investments and restricted cash as it continues expanding production capacity.

Shares initially moved around flat in extended trading despite the large earnings and guidance beats, after more than tripling during 2026 as investors priced in booming AI memory demand. Reuters later reported the stock up more than 1% in after-hours trading.