Prices for memory chips are climbing faster than a North Korean missile, supplies are tighter than a Scottish banker and storage chips used in smartphones are more popular than a Youtube video of a bunny eating a blueberry.

Micron said on Thursday average selling prices of dynamic random access memory (DRAM) chips jumped 21 percent in the second quarter. They had risen five percent in the preceding quarter.

DRAM chips accounted for about 64 percent of Micron's revenue in the latest quarter.

Meanwhile, demand for the company's NAND chips is also thriving, tracking the explosive growth in storage capacity within smartphones.

NAND sales volumes rose 18 percent in the second-quarter ended March 2, Micron said.

Chief Executive Officer Mark Durcan said his outfit saw continued gains in client DRAM pricing, but also benefited from increases in mobile, cloud, and enterprise pricing.

Durcan, who has announced he would retire once a successor is found, had said in December that PC DRAM average selling prices are up 50-60 percent since hitting a trough.

Micron forecast adjusted profit of $1.43-$1.57 per share for the current quarter, well above the average analysts' estimate of 90 cents, according to Thomson Reuters I/B/E/S.

The outfit  also said it expected revenue of $5.2 billion-$5.6 billion, handily beating estimates of $4.72 billion. The company forecast adjusted gross margin of 44 percent-48 percent for the current quarter, compared with the 38.5 percent in the preceding quarter.

Net sales surged 58.4 percent to $4.65 billion, which was in line with analysts' estimate.