Micron Technology, Inc. (Nasdaq: MU) on Wednesday announced their results for its first quarter of Fiscal Year 2020, which just beat analysts’ expectations. Micron’s stock price climbed 3.71% at market open on Thursday due to their solid first quarter results and positive long-term outlook.  

The memory chip maker, whose fiscal year ended on November 28, 2019, reported its non-GAAP EPS to be USD 0.48 on earnings of USD 5.144 Billion, which beat the consensus earnings of USD 0.47 per share.

“Micron is off to a solid start in our fiscal 2020. Despite a challenging industry environment, we delivered good profitability, maintained positive free cash flow, and strengthened our product portfolio,” said the President and Chief Executive Officer of Micron Technology, Inc. Sanjay Mehrotra in their earnings call after market close on Wednesday. “Recent trends in our business give us optimism that our fiscal second quarter will mark the bottom for our financial performance, which we expect to start improving in our fiscal third quarter, with continued recovery in the second half of calendar 2020.”

Micron expects the bottom of their financial performance to be the upcoming quarter due to cyclical industry trends. Micron e EPS to be USD 0.35 plus or minus USD 0.06, on earnings estimates of USD 4.5 Billion to USD 4.8 Billion in Quarter 2 of their FY 2020.

“As the only company in the world with a portfolio of DRAM, NAND, and 3D XPoint technologies, we are in a unique position to develop differentiated products for our customers,” claimed Mehtrotra.

Throughout the quarter, the Company saw major progress on all three of these technologies. In the case of DRAM, or dynamic random-access memory, Micron saw their 1Z LP4 DRAM-based uMCP revenue increase dramatically in FY 2020 Q1, and expects to increase their production in the product while decreasing costs throughout 2020. Micron also saw progress on their new NAND technology, and expects costs to dramatically decrease when they release their new RG node in FY 2021. In October, Micron released their new X100 SSD, which they claim is dramatically faster than any other SSD.

Even though Micron’s revenue has dipped 35% and adjusted earnings per share plummeted 84% from Q1 FY2019, the share price has skyrocketed 81% from last year, as investors are optimistic about this Company’s growth in the future. Other chip manufacturers such as Advanced Micro Devices, Inc. (NASDAQ: AMD) and Nvidia Corporation (NASDAQ: NVDA) have seen 154% and 81% increases in their stock prices over the past year, respectively.