- Micron reported better than expected results on Thursday.
- The stock has outperformed the S&P 500 Information Technology sector this year.
- The semiconductor company beat earnings expectations for an eighth straight time.
Micron reported quarterly earnings and revenue that beat analysts' expectations on Thursday.
Here's how the company did compared with what Wall Street expected, according to Thomson Reuters consensus estimates:
- EPS: $1.62 vs. $1.51 expected
- Revenue: $5.57 billion vs. $5.41 billion expected
Shares of Micron were up 2 percent in after-hours trading Thursday.
Micron President and CEO Sanjay Mehrotra said the company's cost-reduction plans, as well as industry dynamics, helped drive the earnings beat.
"The global trends taking shape today, including machine learning and big data analytics, are exciting and create significant opportunities for Micron," Mehrotra said.
The stock has surged more than 40 percent so far this year, outperforming the S&P Information Technology sector, which gained about 16 percent over the same period.
Recent favorable pricing has helped drive success for the Boise, Idaho-based company's dynamic random access memory and NAND chips.
Favorable pricing continues to help the Boise, Idaho-based company, which saw higher average selling prices for its dynamic random access memory chips. It saw higher sales volumes for NAND chips. Manufacturing costs for both products were lower.
Micron shares are closing in on an all-time high of $36.49 per share, set on Dec. 5, 2014. The stock was seen trading near $31.38 on Thursday.
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