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Today memory chip manufacturer Micron (NASDAQ:MU) reported its financial results for its fiscal third quarter and the numbers easily exceeded Wall Street expectations in both revenue and earnings.

Micron stock surges 10% thanks to strong financial showing for the quarter

Micron reported quarterly revenue of $4.79 billion, and while a far cry from the year ago period's revenue of $7.8 billion, exceeded analyst expectations of 4.71 Analysts were also expecting the company to report earnings of 76 cents per share, but it easily exceeded this forecast with a reported $1.05 earnings per share.

As a result shares of Micron have soared in after-hours trading this evening. As of this writing, Micron stock is trading north of $36, good for a 10 percent gain. Of course, Micron has crushed earnings before and shares of its company have actually lost value immediately after.

Micron was the lucky recipient of a massive DRAM shortage last year, and received the double benefit of customers rushing to stockpile chips as well as increased ASP for its products. Micron, like other memory manufacturers, enjoyed record revenue and profits due to this. Now things have sobered up, as a reduction in revenue by half Y-o-Y illustrates nicely.

"Our improved competitive position and strong execution helped us deliver solid results despite a challenging environment," said Micron Technology President and CEO Sanjay Mehrotra. "While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance."

That challenging environment, as alluded to by CEO Sanjay Mehrotra, isn't helped by a global PC and smartphone market that most analysts expect to be flat for the foreseeable future.