Micron Technology, Inc. (MU - Free Report) just released its latest quarterly financial results, posting non-GAAP earnings of $3.15 per share and revenues of $7.80 billion.

Currently, MU is a Zacks Rank #1 (Strong Buy), but that could change based on today’s results. Shares of the company have gained about 6.8% over the past month but dropped about 0.5% during regular trading hours today.

The stock is currently down 0.9% to $58.40 per share in after-hours trading shortly after its earnings report was released.

Micron:

Beat earnings estimates. The company posted non-GAAP earnings of $3.15 per share, beating the Zacks Consensus Estimate of $3.14. Investors should note that this consensus projection has trended upward/downward over the duration of the quarter.

Beat revenue estimates. The company saw revenue figures of $7.80 billion, edging out our consensus estimate of $7.75 billion. Total revenue was up 40% year over year.

GAAP net income was $3.82 billion, or $3.10 per share. Gross margin as a percentage of sales came in at 60.6%, an improvement from the 46.9% seen in the prior-year quarter. Operating income was $3.95 billion, up from just $1.97 billion last year. Operating cash flow for the quarter was $4.26 billion, compared with $2.41 billion in the year-ago period.

“We set new records for revenue in SSDs, Mobile Managed NAND and Automotive solutions along with Cloud/Enterprise and Graphics DRAM Memory. We see ongoing momentum and healthy industry fundamentals in the fourth quarter to close out an exceptionally strong fiscal 2018,” said CEO Sanjay Mehrotra.

During the quarter, Micron repurchased or converted $2.31 billion of its debt, lowering its total debt load to $7.34 billion. The company ended in a net cash positive position, with cash and equivalents of $7.68 billion.

Here’s a graph that looks at Micron’s recent earnings performance:

Micron Technology, Inc. Price, Consensus and EPS Surprise

Micron Technology, Inc. Price, Consensus and EPS Surprise | Micron Technology, Inc. Quote

Micron Technology, Inc., is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking, and mobile products.