In a good sign for the next quarter, the company said it had experienced its fastest billings growth in 12 quarters. Red Hat shares skyrocketed $7.29, or more than 18 percent, to $47.26 Thursday, then settled down a bit Friday, trading at $46.40 in the afternoon.

Also on Wednesday, DRAM, NAND Flash and NOR Flash memory maker on sales of $2.3 billion. The sales figure beat the year-earlier revenue of $2 billion, but profit dropped significantly from $365 million during the same period in 2010.

Price declines hurt Micron's margins, but the company nevertheless did better than analysts expected. It earned $0.07 per share, compared to the $0.03 expected by analysts polled by Thomson Reuters.

Micron CEO Steven Appleton had words of comfort on memory prices during a conference call.

"I will tell you that we do see continued improving pricing environment through the rest of our fiscal year," Appleton said. The comments, and the better-than-expected earnings, helped push Micron shares up by $0.89 to close at $11.50 Thursday. They edged up further Friday afternoon, trading at $11.52.