Micron Technology, Inc. (NASDAQ:MU) reported better-than-expected results for its first quarter and issued a strong forecast for the current quarter.
The Boise-based Micron revealed Thursday revenue of $5.77 billion versus $6.06 billion for the prior quarter and $5.14 billion for the same period last year
GAAP net income proved to be $803 million, or $0.71 per diluted share
Non-GAAP net income was $897 million, or $0.78 per diluted share
Operating cash flow was $1.97 billion versus $2.27 billion for the prior quarter and $2.01 billion for the same period last year
Said CEO Sanjay Mehotra, "Micron delivered outstanding fiscal first quarter results, driven by focused execution and strong end-market demand.
"We are excited about the strengthening DRAM industry fundamentals. For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge."
Micron calls itself "an industry leader in innovative memory and storage solutions. Through our global brands — Micron ® and Crucial ® — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint™ memory, and NOR, is transforming how the world uses information to enrich life for all.
"Backed by more than 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking."
MU shares hiked $3.09, or 3.9%, to $82.20.
