Micron shares up after beating Earnings Estimates

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Micron Technology Inc. (NASDAQ:MU) reported its fourth quarter earnings for the 2017 fiscal year. Micron beat earnings estimates and sent shares over 8 percent during midday Wednesday, sending shares to an all time high.

Micron posted revenue of $6.14 billion, a 91 percent increase year over year, and beating analysts’ estimates of $5.96 billion. The company posted an EPS of $2.02, beating analysts’ estimates of $1.83, according to Thomson Reuters.

As for the 2017 fiscal year, Micron posted revenue of $20.32 billion, 64 percent increase year over year. The company posted an EPS increase of $4.96 per share.

"Micron delivered exceptional fourth quarter and fiscal year results, reflecting solid execution and robust demand for our memory and storage solutions," said Micron President and CEO Sanjay Mehrotra.

Wall Street analysts are saying Micron grew strong this fiscal year and will continue to grow due to the demand for memory product technology. The emergence of artificial intelligence and networking purposes can heavily impact product demand for companies like Micron.

Shares of Micron have jumped nearly 60 percent so far this year, outperforming the 23 percent gain in the broader S&P 500 Information Technology sector, according to CNBC.

"We expect healthy industry fundamentals to continue into 2018, supported by increasingly diverse end markets and applications. We believe our focus on accelerating the deployment of advanced technologies and solutions will address our customers' evolving requirements, further strengthen our financial foundation, and enhance shareholder value." said Mehrotra.

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