BOISE -- Micron Technology is reporting a big growth in revenue.
In the financial report released Tuesday afternoon, Micron says it earned net income of $358 million dollars, or 30 cents per share, for the first quarter of fiscal year 2014, which ended on Nov. 28.
Micron says the recent acquisition of Elpida helped boost sales of its DRAM products.
Overall revenues for last quarter totaled more than $4 billion, up 120 percent compared to the first quarter of 2013.
Micron's stock price went up more than five percent during today's regular trading session, to close at $21.73.
Tusday afternoon, during a company conference call CEO Mark Durcan said reductions in inventory across the supply and demand chain has helped micron.
“We are very pleased with the results for the quarter and the outlook for a healthy industry dynamic,” said Durcan. “We remain focused on optimizing value for our shareholders and worldwide customers in 2014 and beyond.”
It kept climbing in extended hours, and is close to the 52-week high it hit last month.
To give you some perspective, we haven't seen prices like this since 2000.