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Micron forecasts strong quarter on cloud and mobile demand

File Photo: The main entrance to Micron corporate headquarters in Boise, Idaho, February 3, 2012.

Micron Technology Inc (MU.O) forecast better-than-expected profit and revenue for the current quarter as it benefits from improved prices of memory chips amid tight supply, coupled with demand from cloud-services providers and smartphone makers.

The company's shares, already up nearly 44 percent this year, were marginally up after the bell on Thursday.

"We expect healthy industry demand to persist into 2018, reflecting broader trends in the data center and mobile markets," Chief Executive Sanjay Mehrotra said on a call with analysts.

"Revenue from cloud customers was more than 4-times higher year-over-year," Mehrotra said.