Chipmaker Micron Technology Inc. (NASDAQ: MU) reported strong earnings and revenue growth for the first quarter of 2021. The numbers also topped expectations and the company’s stock gained during the extended trading session on Thursday.
Earnings, adjusted for one-off items, climbed to $0.78 per share in the first three months of 2021 from $0.48 per share last year. The bottom-line growth was driven by a 12% rise in revenues to $5.77 billion.
Unadjusted profit was $803 million or $0.71 per diluted share, compared to $491 million or $0.43 per share in the first quarter of 2020.
“For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge,” said Micron’s CEO Sanjay Mehrotra.
Read management/analysts’ comments on Micron’s Q1 earnings
Both revenues and earnings exceeded the consensus estimate. Micron’s stock closed Thursday’s regular session higher and continued to gain in the after-hours.