Micron Stock Surges 16 Percent After 3rd-Quarter Earnings Crush Expectations

Micron showed memory chip demand is still high as third-quarter revenue and earnings beat expectations by 16 percent and 22 percent respectively.

The main entrance to Micron corporate headquarters in Boise, Idaho, on Feb. 3, 2012. Brian Losness/Reuters

Micron Technology stock surged following the June 24 release of its third-quarter earnings and fourth-quarter outlook, which crushed expectations and showed demand for memory chips is still soaring.

Shares of the chipmaker jumped nearly 16 percent on Thursday, closing the session at $1,213, with a market cap of nearly $1.37 trillion. At its intra-day peak of $1,255, its market cap briefly passed Meta and Tesla, making Micron the 11th-largest company in the world before falling behind the two companies at the market close.