Micron Technology, Inc. (MU – Free Report) just released its first-quarter fiscal 2018 financial results, posting non-GAAP earnings of $2.45 per share and revenues of $6.8 billion.

Currently, MU is a Zacks Rank #2 (Buy) and is up 3.77% to $45.64 per share in after-hours trading shortly after its earnings report was released.

Micron:

Beat earnings estimates. The company posted non-GAAP earnings of $2.45 per share, beating the Zacks Consensus Estimate of $2.20. Micron said GAAP earnings came in at $2.19 per share.

Beat revenue estimates. The company saw revenue figures of $6.80 billion, beating our consensus estimate of $6.39 billion.

Total revenues were up about 11% sequentially and 71% year-over-year. Overall consolidated gross margin was 55.1%, up from 25.5% in the year-ago quarter. Micron cited increased demand for its mobile, server, and SSD products as a catalyst for its sales growth, while margin expansion for both DRAM and Trade NAND products lifted gross margin.

“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,” said CEO Sanjay Mehrotra.

Management expects second-quarter earnings in the range of $2.51 per share to $2.65 per share. Revenues are expected to be between $6.80 billion and $7.20 billion. Our current consensus estimates are calling for earnings of $1.95 and revenues of $6.08 billion, so today’s guidance is quite strong.

Here’s a graph that looks at Micron’s earnings surprise history:

Micron Technology, Inc. Price, Consensus and EPS Surprise

Micron Technology, Inc. Price, Consensus and EPS Surprise | Micron Technology, Inc. Quote

Micron Technology, Inc., is one of the world’s leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking, and mobile products.