Shares of computer technology outfit Micron Technology (NASDAQ: MU) are up more than 15% midday Thursday following Wednesday evening's release of its fiscal fourth-quarter results. The stock's biggest single-day gain in over a decade, however, mostly stems from its bullish guidance for the quarter currently underway.

Micron Technology turned $7.75 billion worth of revenue into per-share operating earnings of $1.18 during the three-month stretch ending in late August. Both are well up from year-ago comparisons of a top line of $4.01 billion and a per-share loss of $1.07, although keep in mind the environment a year earlier was (very) cyclically weak. Perhaps more important, both of last quarter's numbers topped analyst expectations of $7.65 billion in sales and profits of $1.11 per share.

Continued demand for its high-bandwidth memory chips used in artificial intelligence (AI) computing platforms gets most of the credit for the strong showing.

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Source Fool.com