By Maria Armental

Micron Technology Inc., one of the world's largest memory-chip makers, reported better-than-expected first-quarter financial results and projected second-quarter results ahead of Wall Street expectations pointing to strong broad-based demand. Here's what you need to know.

PROFIT: Net income for the quarter surged to $803 million, or 71 cents a share, from $491 million, or 43 cents a share, a year earlier. On an adjusted basis, profit rose to 78 cents a share from 48 cents a share a year earlier. The company had projected 61 cents to 65 cents a share, or 69 cents to 73 cents a share on an adjusted basis, while analysts surveyed by FactSet expected 56 cents a share, or 68 cents a share on an adjusted basis.

REVENUE: Revenue rose to $5.77 billion from $5.14 billion a year earlier. Micron projected $5.7 billion to $5.75 billion in revenue, while analysts expected $5.66 billion.

OUTLOOK: This quarter, Micron expects a profit of 34 cents to 48 cents a share, or 68 cents to 82 cents a share as adjusted, on $5.6 billion to $6 billion in revenue. Analysts expect 51 cents a share, or 67 cents a share on an adjusted basis, on $5.55 billion in revenue.

CEO QUOTE: Chief Executive Sanjay Mehrotra in a statement pointed to stronger DRAM industry fundamentals and said Micron stood to benefit from accelerating digital transformation, fueled by artificial intelligence, 5G, cloud, and the intelligent edge.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

01-07-21 1631ET