Micron is up 2.4% in early after-hours action after its fiscal Q1 earnings report, where it produced yet another quarterly beat and issued strong guidance for the current quarter.

Revenues dipped from the fiscal fourth quarter, but rose by double digits year-over year to land at $5.77B, and gross margin rose to 30.9% from a year-ago 27.3%.

Meanwhile, operating income rose a healthy 64% to $973M - and attributable net income (non-GAAP) also rose 64%, to $897M.

“We are excited about the strengthening DRAM industry fundamentals," says President/CEO Sanjay Mehrotra. "For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge.”

It wrapped the quarter with liquidity of $8.36B, and net cash of about $1.73B. Net investments in capital expenditures were $2.78B for the quarter.

For the current quarter, it's guiding to revenue of $5.6B-$6B (above estimates for $5.52B), gross margin of 30-32%, operating expenses of $800M-$850M, and EPS of $0.68-$0.82 (above consensus for $0.64).