diff --git a/lib/util/Components.js b/lib/util/Components.js
index eb60d845a5..b6114717c5 100644
--- a/lib/util/Components.js
+++ b/lib/util/Components.js
@@ -515,7 +515,7 @@ function componentRule(rule, context) {
 
         // Case like `React.memo(() => <></>)` or `React.forwardRef(...)`
         const pragmaComponentWrapper = utils.getPragmaComponentWrapper(node);
-        if (pragmaComponentWrapper) {
+        if (pragmaComponentWrapper && utils.isReturningJSXOrNull(node)) {
           return pragmaComponentWrapper;
         }
 
diff --git a/tests/lib/rules/display-name.js b/tests/lib/rules/display-name.js
index be0c8442e5..85e076d4d1 100644
--- a/tests/lib/rules/display-name.js
+++ b/tests/lib/rules/display-name.js
@@ -588,6 +588,19 @@ ruleTester.run('display-name', rule, {
         }
       `,
     },
+    {
+      // issue #3303
+      code: `
+        function MyComponent(props) {
+          return <b>{props.name}</b>;
+        }
+            
+        const MemoizedMyComponent = React.memo(
+          MyComponent,
+          (prevProps, nextProps) => prevProps.name === nextProps.name
+        )
+      `,
+    },
   ]),
 
   invalid: parsers.all([