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Micron earnings beat estimates; Stock hits new 52 week high

"Micron delivered outstanding fiscal first-quarter results, driven by focused execution and strong end-market demand," Micron CEO, Sanjay Mehrotra said.

Micron earnings beat estimates; Stock hits new 52 week high

The memory chip maker Micron Technology (NASDAQ: MU) reported better-than-expected earnings for its fiscal first quarter on Thursday after the market close. The company sales climbed 12% on a year-over-year basis and gross margin also improved from 27.3% in the previous year to 30.9%.

  • Earnings per share: $0.78 vs. $0.71 expected

  • Revenue: $5.77 billion vs. $5.73 billion expected

The semiconductor manufacturer said that its DRAM sales in the recent quarter accounted for 70% of its total revenue. For its second fiscal quarter, Micron expects to earn an adjusted 75 cents a share on sales of $5.8 billion.

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On Thursday, the $MU stock advanced 2.5% during regular trading, to $79.11 and the shares climbed 4% during the extended trading session after the company reported strong earnings results.

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