Micron Technology, Inc. (MU) reported a better-than-expected fiscal fourth quarter.
Furthermore, the outlook for Micron for the first quarter surpassed expectations.
Wall Street has been skeptical that the memory-chip party will continue. MU tried to convince analysts on Tuesday that there is still strong demand. The company has many new markets for memory chips that are just getting started.
In addition, the company’s guidance for the first fiscal quarter was much better than expected.
MU is now looking for revenue in the range of $6.1 billion to $6.5 billion. Analyst estimates had been $6 billion. Also, earnings per share are between $2.09 and $2.23. Analysts’ estimates were $1.82.
The company’s president and chief executive told the company’s still-cautious investors that he believed there are “very solid secular trends here that are long term in nature.”