Shares of Micron Technology (NASDAQ:MU) jumped more than 6% in early after-hours trading on Tuesday, powered by a just-released first-quarter report. Coupled with a 5.1% gain during regular market hours, Micron shares surged more than 11% today.
Revenue surged 120% higher year over year, stopping at $4.0 billion. Non-GAAP earnings jumped 165% higher to $0.77 per share. Analysts were looking for roughly $0.43 of adjusted earnings per share on $3.7 billion in sales, and Micron breezed past these estimates by a wide margin.
This was the first full quarter since Micron acquired bankrupt rival Elpida. The acquisition explains Micron's surging DRAM sales while NAND flash products rose 8% from the previous quarter on strong demand. Micron's Q1 guidance from October pointed to 40% higher DRAM production with Elpida under its belt, but DRAM bit growth actually came in 69% higher.
The surprisingly swift DRAM production did not result in oversupply and plunging unit prices. DRAM prices were in line with the previous quarter's; NAND prices declined about 6%. Micron expects these trends to continue into the second quarter.
Micron supplemented the earnings release with a slide deck analyzing the results. You can access the slides via Micron's investor relations site.