Memory and flash chip-maker Micron had a massive third quarter as demand growth-driven revenues led to price rise-driven profits.

Revenues for its third fiscal 2017 quarter were $5.6bn, 19.8 per cent higher than a quarter ago and a whopping 92 per cent higher than a year ago.

As you might imagine profits were boosted, rising to $1.65bn, 84.6 per cent higher quarter-on-quarter and comparing very nicely indeed with the year-ago loss of $215mn.

Incoming President and CEO Sanjay Mehrotra has inherited a business doing well.

He said: "Micron delivered strong operational performance in the third quarter with free cash flow nearly double last quarter, which enabled us to retire $1bn in debt.

Our results reflect solid execution of our cost reduction plans and ongoing favorable industry supply and demand dynamics"

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