Micron Technology Inc (NASDAQ:MU) stock rose 6.75% (As on December 21, 11:29:16 AM UTC-4, Source: Google Finance) after the company posted fiscal first-quarter results that came in ahead of expectations. The company’s guidance was better than expected too, sending its stock up higher. The company reported a net loss for the period of $1.23 billion, down slightly from the $1.43 billion loss it recorded one year earlier. The company believes generative AI will drive a “multiyear growth phase” for the company, and is forecasting the memory chip market to see a record breaking year in 2025.

During the quarter, Micron revealed that it’s collaborating with the state of New York, IBM Corp. and others to build a new, $10 billion semiconductor research laboratory in Albany. The facility will house a truck-sized machine known as the Twinscan EXE:5200, which is made by the Dutch company ASML Holding N.V. and is expected to become the foundation of newer, more advanced two-nanometer chip manufacturing processes. The company also introduced its latest SSD for PCs and workstations, called the Micron 3500, featuring its current most advanced 232-layer flash architecture. Micron revealed as well that it’s in the final stages of qualifying its newer HBM3E memory chips that will be paired with Nvidia Corp.’s H200 AI graphics processing units in a new generation of AI servers set to launch next year.

MU in the first quarter of FY 24 has reported the adjusted loss per share of 95 cents, beating the analysts’ estimates for the adjusted loss per share of $1.01. The company had reported the adjusted revenue of $4.73 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue of $4.58 billion.

Additionally, Investments in capital expenditures, net were $1.73 billion for the first quarter of 2024, which resulted in adjusted free cash flows  of negative $333 million for the first quarter of 2024. Micron ended the quarter with cash, marketable investments, and restricted cash of $9.84 billion. On December 20, 2023, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 18, 2024, to shareholders of record as of the close of business on January 2, 2024.

For the second quarter, Micron is targeting revenue of $5.3 billion at the midpoint of its range, which is well ahead of the Street’s consensus estimate of $4.97 billion.