Micron Technology reported earnings that surpassed analysts’ expectations. The chipmaker also posted a strong outlook.
For the fiscal first quarter, Micron’s earnings came in at $2.04 a share, compared with 71 cents a share in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, for the quarter were $2.16 a share, compared with 78 cents a share in the year-ago period. Analysts polled by FactSet expected adjusted earnings of $2.10 a share.
Revenue rose to $7.69 billion from $5.77 billion in the year-ago quarter. Analysts had expected $7.68 billion.
DRAM sales accounted for 73% of revenue, or $5.59 billion, in the fiscal first quarter, and grew +38% year-over-year. NAND made up 24% of revenue, or $1.89 billion, up 19% year over year. Analysts polled by FactSet had expected DRAM sales of $5.54 billion, and NAND sales of $2 billion.
Looking ahead, Micron projects adjusted second-quarter net income of $1.85 to $2.05 a share , compared to analysts’ forecast of $1.84 a share. The company is expecting revenue in the range of $7.3 billion to $7.7 billion. Analysts expected $7.29 billion.