Micron Technology Inc. reported higher sales than ever in its latest quarter. The report Tuesday was more good news for the Treasure Valley's largest for-profit employer as it feeds the ever-more-hungry beast that is the worldwide memory market.
The Boise memory-chip maker reported $7.8 billion in sales for the quarter that ended June 1, a 40 percent increase over the same quarter a year ago. Almost half of that, $3.8 billion, was profit.
"Micron delivered record results in financial performance for the third fiscal quarter, supported by strong execution and ongoing secular demand trends," President and CEO Sanjay Mehrotra said in a news release.
And he predicted more of the same for the current quarter, the fourth of this fiscal year, which ends in August: "We see ongoing momentum and healthy industry fundamentals in the fourth quarter to close out an exceptionally strong fiscal 2018."
Investors reacted positively. Micron stock rose to $62.62 in light after-hours trading, immediately after the earnings announcement. That was up from Wednesday's $58.95 close. The stock recently peaked at $62.62 on May 29, its highest since September 2000.
Mehrotra credited strong sales in Micron's high-value product segments, which offer specialty memory products that command higher prices than traditional memory chips. These include solid-state drives, memory for smartphones, and products for cars, cloud computing and graphics.
"We set new records for revenue in SSDs, mobile managed NAND and automotive solutions along with cloud/enterprise and graphics DRAM memory," he said.
NAND, a mathematical term meaning not-and, is the most common type of flash memory. DRAM is dynamic random-access memory. NAND is slower and cheaper than DRAM, and it retains data in memory when electricity is shut off. DRAM is faster and costlier, and it stores data only when it has power.
Micron employs about 6,700 people in the Treasure Valley, mostly on its Federal Way campus in Southeast Boise that is the company's worldwide research and development center. Chips developed in Boise are made in plants in Virginia, Utah, Taiwan, Singapore and Japan.
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