Shares of semiconductor manufacturer Smart Global Holdings (NASDAQ: SGH) surged 8.9% through 12:15 p.m. ET on Friday after crushing Wall Street's earnings forecast last night.

Heading into its fiscal third quarter, analysts had forecast Smart would earn an adjusted $0.40 per share on quarterly sales of $375.5 million. In fact, Smart reported an adjusted profit of $0.66 per share, and sales of $383 million.  

Not all of Smart's news was good, however. For example, sales of $383 million beat estimates, but they were still down 17% year over year. Adjusted earnings exceeded expectations as well. But when calculated according to generally accepted accounting principles (GAAP), Smart actually lost $0.50 per share for the quarter.  

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Source Fool.com