Micron Technology Inc. (NASDAQ: MU) reported fiscal first-quarter financial results after markets closed Tuesday. The company posted $2.45 in earnings per share (EPS) and $6.8 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $2.19 in EPS and revenue of $6.41 billion. In the same period of last year it posted EPS of $0.32 and $3.97 billion in revenue.

During the quarter, revenues increased 11% compared to the fourth quarter of 2017, reflecting increased demand for our mobile, server and SSD products.

Also consolidated gross margin grew to 55.1% from 50.7%, sequentially, reflecting margin expansion for both DRAM and Trade NAND products supported by ongoing strength in the pricing environment and a favorable product mix.

Looking ahead to the fiscal second quarter, Micron expects to see EPS in the range of $2.51 to $2.65 and revenues between $6.8 billion and $7.2 billion. The consensus estimates call for earnings to be in the range of $2.51 to $2.65 per share in the quarter.

On the books, Micron’s cash and short-term investments totaled $6.17 billion at the end of the quarter, versus $5.43 billion at the end of the previous fiscal year.

Sanjay Mehrotra, Micron president and CEO, commented:

Micron’s strong results were driven by double-digit sequential revenue growth in mobile, server and SSD applications, with expanded gross margins and improved profitability. We are making solid progress on our strategic priorities to drive cost competitiveness, deploy high value solutions and strengthen our balance sheet. We believe these actions will position Micron to benefit from the broad demand trends ahead of us.

Shares of Micron closed at $43.98, with a 52-week range of $20.34 to $49.89. Following the announcement, the stock was up over 5% at $46.18 in the after-hours trading session.

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