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Micron benefits from high memory prices and new phones in the fall

Micron Technology Inc. SDRAM chips are seen in Tokyo.

Micron Technology Inc.’s fiscal third quarter and outlook again surpassed Wall Street’s estimates, thanks to the continuing healthy demand for memory chips, including upcoming autumn launches of new smartphones.

Micron’s stock has been on a tear in the past year, and is up about 44% since January, outperforming the S&P 500 Index SPX, +0.23% as memory-chip prices have continued to rise amid a tight supply and broad-based demand, including in servers for cloud computing and data centers.

Micron’s MU, -2.41% new chief executive, Sanjay Mehrotra, cited the coming introduction of new mobile phones in the fall quarter as one of several catalysts in its outlook, which exceeded current estimates, according to FactSet. Micron said it is looking for revenue in its fiscal fourth quarter to range from $5.7 billion to $6.1 billion, up from the current...