New Delhi, June 26 -- NEW YORK - Sanjay Mehrotra's company just posted the best quarter in its 46-year history. He spent part of the earnings call explaining why that is not enough.

MU) reported $41.46 billion in revenue for its third fiscal quarter, a 346% increase over the same period last year and a figure that beat Wall Street's consensus estimate by nearly $5.8 billion. The numbers landed with the kind of authority that rarely requires qualification. Mehrotra qualified them anyway.

"We currently do not have line of sight as to when memory supply will be able to catch up with increasing demand," Micron's chief executive told analysts Thursday. The company can fill only half to two-thirds of requests it receives for high-bandwidth me...