Micron Technology Inc (MU) reported fiscal third-quarter results on Wednesday that were nothing short of spectacular. The memory chip maker posted revenue of $41.46 billion, crushing the analyst consensus of $35.59 billion. Adjusted earnings came in at $25.11 per share, well above the $20.63 per share that Wall Street had penciled in.

Revenue surged about 346% compared to the same quarter last year. Operating cash flow hit $25.39 billion, up from $11.90 billion in the prior quarter and $4.61 billion a year ago. The company generated $18.3 billion in adjusted free cash flow during the quarter and spent $7.1 billion on capital expenditures.

"Micron is investing at record levels in technology, products and supply to address our customers' rapidly growing demand," said Sanjay Mehrotra, chairman, president and CEO of Micron. "We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron's strong financial performance."

The company ended the quarter with $25.02 billion in cash, marketable investments and restricted cash.

What's Next For Micron?

Micron's guidance for the current quarter was equally impressive. The company expects fourth-quarter revenue of $50 billion, plus or minus $1 billion, versus estimates of $42.95 billion. It anticipates adjusted earnings of $31 per share, plus or minus $1, compared to the $25.50 per share analysts were expecting.

The board declared a quarterly dividend of 15 cents per share, payable on July 21 to shareholders of record as of July 6.

Management will discuss the quarter on an earnings call at 4:30 p.m. ET.

Micron Shares Rise After The Close

MU Price Action: Micron shares were up 8.39% in after-hours trading, changing hands at $1,135.80 at the time of publication on Wednesday.