What happened

Shares of SMART Global Holdings (NASDAQ:SGH) rose 10% on Friday after the specialty memory company announced stronger-than-expected quarterly results.

More specifically, for its first quarter of fiscal 2018, SMART Global's revenue climbed 67% year over year, to $265.4 million, and translated to adjusted (non-GAAP) net income of $23.8 million, or $1.05 per diluted share. Analysts, on average, were only expecting adjusted earnings of $0.92 per share on revenue of $255 million.

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So what

SMART Global CEO Iain MacKenzie noted that the company enjoyed "strength across the board," with revenue, gross margin, and earnings per share exceeding the high ends of their previous guidance. Even so, he voiced more excitement for the quarters ahead, given the continuing economic recovery in Brazil and the improving health of the global memory market, as a whole.

Now what

For its fiscal second quarter, SMART Global expects revenue in the range of $280 million to $300 million, and adjusted earnings per share of $1.30 to $1.36. Both figures handily outpaced Wall Street's consensus estimates for the current quarter, which called for adjusted earnings of $0.98 per share on revenue of $259.5 million.

All things considered, there was little not to like about this strong report from SMART Global, and it's no surprise to see shares rallying today in response.

Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.