Micron Technologies (MU) reported first-quarter results that topped Wall Street estimates on both the top and bottom lines. The company posted an adjusted earnings per share loss of $0.95 compared to estimates of a $1.00 loss. Revenue of $4.73 billion topped expectations of $4.54 billion. The memory chipmaker also issued better-than-expected second-quarter guidance.

Moor Insights & Strategy Founder CEO and Chief Analyst Patrick Moorhead tells Yahoo Finance that the results show the company is "executing well, burning off inventory not only in customers but also inside of their own manufacturing facilities." Moorhead says he is not surprised by the results, saying that Micron is doing "really well" and that the company tends to be "super conservative about the future."

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Video Transcript

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JOSH LIPTON: Micron reporting results and investors like what they see. Let's get right to those results. Q1 adjusted loss per share, $0.95. Street was at a loss per share of $1. Q1 revenue, 4.73 billion, Street was at 4.54 billion. Good news on that forecast, too, as for guidance, they're looking for Q2 revenue between $5.1 and $5.5 billion. The Street was closer to $4.99 billion. And the loss per share minus certain items, $0.21 to $0.35. Analysts thought the loss was going to come in closer to $0.62, so much better there.

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Stock is higher right now in the after-hours. Remember, it was already up about 60% this year heading into this print. And of course, we care about Micron, Diane, because it is the largest US memory chip maker. And its chips go into a really wide range of products. Think smartphones, PCs, data centers. So importantly, it'll be very curious to hear on the call what they're seeing about that demand environment.

DIANE KING HALL: Indeed. I mean, they're saying in terms of the release of their results, this is from Micron Technology president and CEO Sanjay, saying that its strong execution and pricing drove these better than expected financial results. They expect business fundamentals to improve throughout 2024. And that's certainly what investors are looking for, what the outlook is going to be.

Second-quarter revenue is expected to be between $5.1 to $5.5 billion. So certainly, being rewarded on the street and a little bit above what the Street's expectations were in terms of the forecast.

JOSH LIPTON: All right. Let's get much more reaction out of this Micron report. We got Patrick Moorhead here. He is founder and CEO of Moor Insights and Strategy. Patrick, it is always great to see you. I know you are positive on this name. We talked about it heading into this print. Just give me your response to what you're seeing so far.