Micron Technology (NASDAQ:MU) experienced a 7% increase intra-day today following the announcement of first-quarter results that surpassed analyst expectations.

The company reported a 16% year-over-year increase in sales, reaching $4.73 billion, which exceeded the Street estimate of $4.55 billion. Despite recording an adjusted operating loss of $955 million, this was more favorable than the anticipated adjusted loss of $1.05 billion.

Micron's adjusted loss per share for the first quarter was 95 cents, which was better than the expected loss of $1.01 per share. Micron Technology's President and CEO, Sanjay Mehrotra, attributed the strong quarter to effective execution and favorable pricing, and he anticipates an improvement in business fundamentals throughout 2024, with a record industry Total Addressable Market (TAM) expected in 2025.

Looking ahead to the second quarter, Micron forecasts a loss per share of around $0.28 (with a possible variation of 7 cents), significantly better than the expected loss of 62 cents. The company also anticipates second-quarter revenue to be about $5.3 billion, surpassing analyst expectations of $5.03 billion.