Micron Technology Inc.’s stock climbed nearly 5% in after-hours trading Wednesday after the company posted quarterly results that topped analysts’ revenue and earnings estimates.
The maker of computer memory and data storage reported a fiscal first-quarter net loss of $1.23 billion, or $1.12 a share, compared with a net loss of $1.43 billion, or $1.31 a share, in the same quarter a year ago. Adjusted earnings were a loss of 95 cents a share.
Revenue improved to $4.73 billion from $4 billion in the year-ago quarter.
Analysts surveyed by FactSet had expected on average a net loss of $1.01 a share on revenue of $4.58 billion.
“Micron’s strong execution and pricing drove better-than-anticipated first-quarter financial results,” Micron Chief Executive Sanjay Mehrotra said in a statement announcing the results.
Micron provided second-quarter sales guidance of roughly $5.3 billion, while FactSet analysts are forecasting $4.97 billion.
Shares of Micron MU, -4.24% have soared 57% this year, while the broader S&P 500 index SPX has increased 22%.