Micron (MU) reported fiscal fourth quarter results that topped estimates on both the top and bottom lines. Adjusted earnings of $1.18 per share was above the Bloomberg consensus estimate of $1.12. Adjusted revenue of $7.75 billion was above the estimated $7.66 billion.

What sent the stock soaring in after-hours trading was the forecast for Q1. The chip giant sees adjusted revenue of $8.5 billion to $8.9 billion in the quarter compared to the $8.32 billion estimate. It sees adjusted earnings of $1.66 to $1.82 per share versus an estimate of $1.52.

Market Domination Overtime anchors Julie Hyman and Josh Lipton break down Micron's results.

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This post was written by Stephanie Mikulich.