Micron reported results last night well ahead of its own positively pre-announced numbers and absolutely blew the top off Wall Street estimates as far as guidance for the current quarter. The company reported FQ2 earnings of $0.90 per share on revenues of $4.65 billion versus (raised Street expectations post the positive pre-announcement) of $0.85 per share on revenues of $4.64 billion. For the current quarter (FQ3 ending in May), Micron guided earnings to a range of $1.43 per share and $1.57 per share on revenues between $5.2 billion and $5.6 billion. Let's call it $1.50 per share and $5.4 billion (midpoints) versus Street expectations if $0.95 per share and $4.77 billion, respectively. "Strong demand and limited industry supply for NAND and DRAM solutions, combined with significant progress on our cost reduction plan, produced excellent results for our second quarter.

Source: Forbes March 24, 2017 12:33 UTC