Micron Technology reported a double-digit surge in sales and profits during its second fiscal quarter on Thursday, helped by an increase in demand and selling price for its chips.

The copmpany reported a net income climbed of $894 million, or 77 cents per share, from $180 million, or 16 cents per share, a year ago. Excluding certain items, earnings came in at 90 cents. Revenue rose 58% to $4.65 billion.

Micron has benefited as more companies clamor for these chips and prices rise.

"Strong demand and limited industry supply for NAND and DRAM solutions, combined with significant progress on our cost reduction plan, produced excellent results for our second quarter," said Micron CEO Mark Durcan. "I'm proud of the team's execution on critical technology and operational initiatives, which will allow us to continue to capitalize on market trends."