Micron Technology, Inc. (NASDAQ: MU) reported stronger-than-expected results for its first quarter and also issued strong second quarter guidance.
Micron, out of Boise, Idaho, reported revenues of $6.80 billion, 71% higher compared with the same period last year. GAAP net income was $2.68 billion, or $2.19 per diluted share. Operating cash flow of $3.64 billion, 220% higher compared with the same period last year
Micron CEO Sanjay Mehrotra said "Micron's strong results were driven by double-digit sequential revenue growth in mobile, server and SSD applications, with expanded gross margins and improved profitability.
"We are making solid progress on our strategic priorities to drive cost competitiveness, deploy high value solutions and strengthen our balance sheet. We believe these actions will position Micron to benefit from the broad demand trends ahead of us."
Revenues for the first quarter of 2018 were 11% higher compared to the fourth quarter of 2017, reflecting increased demand for our mobile, server, and SSD products. Our overall consolidated gross margin of 55.1% for the first quarter of 2018 was higher compared to 50.7% for the fourth quarter of 2017 and reflects margin expansion for both DRAM and Trade NAND products supported by ongoing strength in the pricing environment and a favorable product mix.
Micron trumpets its status as "an industry leader in innovative memory and storage solutions. Through our global brands – Micron®, Crucial®, and Ballistix® – our broad portfolio of high-performance memory and storage technologies."
Micron shares picked up $1.84, or 4.2%, Wednesday to $45.82
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