Micron Technology Inc. (NASDAQ: MU) has reported its second quarter earnings report, and they appear to be slightly ahead of expectations. The DRAM and chipmaker’s adjusted earnings came to $0.85 per share on revenue of $4.12 billion. Thomson Reuters was calling for estimates of $0.76 per share on $3.99 billion in revenue.

On a sequential basis, this is growth of 2% in revenue. On a year over year basis this is a 98% gain. The $989 million made in adjusted earnings came to sequential growth of 12%.

Micron’s cash flow from operations came to $1.39 billion in the second quarter, while capital spending $565 million. The company shows that it ended the quarter with cash and marketable investments of $5.06 billion.

The gain was tied to Flash rather than DRAM sales. The company said,

“Revenues from sales of Trade NAND Flash products were 11 percent higher in the second quarter of fiscal 2014 compared to the first quarter of fiscal 2014 primarily due to a 35 percent increase in sales volume offset by an 18 percent decrease in average selling prices. Revenues from sales of DRAM products were essentially unchanged in the second quarter of fiscal 2014 compared to the first quarter of fiscal 2014 as both sales volumes and average selling prices remained stable. The company’s overall consolidated gross margin was 34 percent in the second quarter of fiscal 2014 compared to 32 percent in the first quarter of fiscal 2014 as a result of a higher DRAM gross margin.”

Micron did not offer guidance, so until that is given we would consider this report as being unfinished business. Micron shares closed down 1.4% at $24.00 on Thursday and the initial report in the after-hours had shares up 0.6% at $24.15. Micron’s 52-week trading range is $9.04 to $25.68.

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