Shares of Micron Technology (NASDAQ: MU) jumped as much as 6% today to record highs after the company reported fiscal fourth-quarter earnings. The results topped expectations and Micron issued a rosy forecast.
Revenue in the fiscal first quarter came in at $5.77 billion, ahead of the $5.66 billion in sales Wall Street was expecting. That resulted in adjusted net income of $897 million, or $0.78 per share. The consensus estimate had called for just $0.69 per share in adjusted profits. The semiconductor company is enjoying strong demand for its memory products across many markets. Smartphones remain one of Micron’s most important end markets, and many flagship 5G smartphones — that require more DRAM memory — launched during the quarter.