Micron ended its fiscal year on a high note with better than expected fourth quarter financial results after the bell on Thursday.
The semiconductor maker reported a net income of $471 million, or 42 cents per share (statement).
Non-GAAP earnings were 37 cents per share on a revenue of $3.6 billion.
Wall Street was looking for earnings of 31 cents per share with $3.56 billion in revenue.
After the news hit, Micron shares inched upward by approximately four percent in after-hours trading.
For the fiscal year 2015 overall, Micron posted $16.19 billion in revenue with earnings of $2.47 per share.
"While fourth quarter results were impacted by continued weakness in the PC sector, we believe that memory industry fundamentals remain favorable over the long term," reflected Micron CEO D. Mark Durcan in prepared remarks.
Looking forward to 2016, Micron predicted supply and demand for DRAM and NAND technologies to remain balanced throughout the year as the industry stabilizes.
Micron is also banking on capital investments to accelerate company growth over the next 12 to 18 months.
For the fiscal first quarter, Wall Street is looking for non-GAAP earnings of 38 cents per share with $3.74 billion in revenue.
Yet Micron responded with a much softer Q1 revenue guidance range of $3.35 million to $3.6 million with earnings projected to drop between 20 and 26 cents a pop.
Slides via Micron Investor Relations