Computer memory maker Micron Technology (MU -7.65%) saw its stock slide an unlucky 7% through 10:30 a.m. ET Friday, despite exceeding expectations on its fiscal second-quarter 2025 earnings report last night.

Heading into the report, analysts forecast Micron would earn $1.42 per share on $7.9 billion in sales. In fact, Micron earned $1.56 per share on more than $8 billion in sales.

Micron Q2 earnings

Not all the news was good. Micron's revenue surged 38% year over year, but revenue slipped 7.6% sequentially from Q1, which may be tempering investors' enthusiasm. It's also worth noting that, while Micron's non-GAAP (adjusted) earnings exceeded expectations, when calculated according to generally accepted accounting principles (GAAP), Micron earned only $1.41 per share.

Still, GAAP earnings nearly doubled from the $0.71 Micron earned a year ago, and operating cash flow more than tripled.

Micron's free cash flow this year is still negative, but only barely at negative $75 million, and as of Q2, it's moving in the right direction.

Is Micron stock a sell?

Given the above, it's curious that investors are selling Micron stock today -- and even more curious when you consider guidance. CEO Sanjay Mehrotra said he expects "record quarterly revenue in fiscal Q3, with DRAM and NAND demand growth in both data center and consumer-oriented markets," and that profitability will also improve.

Micron forecasts $8.8 billion in Q3 sales, plus or minus $200 million, with non-GAAP profit of about $1.57 per share, and GAAP earnings of $1.37 per share, plus or minus $0.10. Both the revenue and the non-GAAP numbers are above Wall Street forecasts, meaning Micron's now on track to beat earnings for at least the fifth time in a row.

I'm honestly at a loss as to why investors are looking at all these numbers today and concluding Micron stock is a sell. When I look at Micron, I see a stock valued at only 15 times analyst forecasts this year, and already beating those forecasts with a stick. To me, this makes Micron stock a buy.