For the fiscal second-quarter, Micron earned 85 cents a share, excluding items, generating $4.11 billion, up 98% year over year. Analysts surveyed by Thomson Reuters were expecting 76 cents a share on $3.985 billion.
Boise, Idaho-based Micron noted that pricing for memory products, including DRAM and NAND, would decline by a low single-digit percent in the coming quarter, after pricing has been strong in recent memory, thanks to industry consolidation. In July 2013 Micron acquired bankrupt Japanese competitor Elpida Memory.
The company noted cash flows from operations for the second quarter were $1.39 billion, while spending $565 million in capital expenditures. Micron ended the quarter with $5.06 billion in cash and marketable securities.
During the quarter, NAND Flash revenue rose 11% sequentially, thanks in part to a surge in volume, up 35%, as prices weakened 18%. Revenues from DRAM products were essentially unchanged sequentially. Micron's gross margin was 34%, compared to 32% in the fiscal fist-quarter, aided by higher DRAM gross margin.
Shares of Micron rose in pre-market Friday trading, gaining 4.6% to $25.10.
Prices of DRAM chips, which Micron makes, have come down sharply amidst weakness in the personal computer market during recent years. Ergo, Micron has focused on DRAM used for smartphones and tablets to take advantage of devices like Apple's (AAPL) iPhone and iPad, as well as Google (GOOG) Android-based smartphones and tablets.