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Micron Technology reports record quarterly income, revenue

Micron Technology Inc.'s net income surged to $3.31 billion in the second fiscal quarter from $894 million in the same quarter a year earlier as the Idaho-based chipmaker posted a 58% increase in revenue.

Diluted earnings per share for the quarter that ended March 1 stood at $2.67, up from 77 cents in the second quarter of fiscal 2017.

Net sales hit a record high of $7.35 billion for the quarter, up 58% from $4.65 billion in the prior-year period. Micron said increased demand across the company's products and end markets drove the gain.

"Our performance was accentuated by an ongoing shift to high-value solutions as we grew sales to our cloud, mobile and automotive customers and set new records for SSDs and graphics memory," President and CEO Sanjay Mehrotra said in a statment.

"Secular technology trends are driving robust demand for memory and storage, and Micron is well-positioned to address these growing opportunities," he added.