The quarterly figures -- and the fourth-quarter outlook -- were stronger than Wall Street analysts' estimates.
And earlier in the day, Micron was upgraded to outperform from market perform at BMO Capital Markets. Analyst Ambrish Srivastava boosted his target price on the Boise, Idaho, company to $110 from $90.
For the quarter ended June 3, Micron earned $1.74 billion, or $1.52 a share, compared with $803 million, or 71 cents, in the year-earlier quarter. The latest adjusted earnings were $1.88 a share.
Revenue reached $7.42 billion from $5.44 billion.
A survey of analysts by FactSet produced consensus estimates of GAAP earnings of $1.55 a share, or an adjusted $1.72, on revenue of $7.23 billion.
The third-quarter gross margin widened to 42.1% from 32.4%.
For the fourth quarter, Micron expects GAAP net income of $2.23 a share, plus or minus a dime. It sees adjusted profit at $2.30, plus or minus a dime. Revenue should come in at $8.2 billion, plus or minus $200 million.
FactSet's survey for fiscal Q4 was calling for profit of $2.05, or an adjusted $2.18, on revenue of $7.88 billion.
Srivastava said in his report that the investment firm saw "a constrained supply environment into 2022, driven by a combination of supply dynamics and capital expenditure discipline [as well as] demand drivers."
He specifically said that "this is not a call about the upcoming quarterly earnings. ...
"This is a call on a positive underpinning to fundamentals that we see leading to a continued supply-demand imbalance in 2022, with positive implications for DRAM pricing versus our prior thinking."
The analyst said Micron shares have "underperformed meaningfully" against the SOX year-to-date, up 10% compared with 20% for the index. The PHLX Semiconductor Index on Tuesday ticked down 0.11% to 3345.31.
From the sale of the fab Micron said it would receive $1.5 billion of value, consisting of $900 million cash from TI and $600 million from tools and other assets.
Micron in March said it intended to sell the Lehi facility and end production of 3D XPoint technology.
At last check Micron Technology shares were 1.8% lower at $83.48. They closed regular Tuesday trading up 2.5% at $84.98.