BOISE, Idaho (AP) -- Micron Technology Inc. posted a fourth-quarter profit on gains from an acquisition and higher prices for some memory chips.
Micron said Thursday that it earned $1.71 billion, or $1.51 per share, during the quarter ended Aug. 29. That included $1.48 billion in gains from July acquisition of Japan's Elpida Memory Inc. and for one month of Elpida's operations. The company also took a $17 million loss for the cost of layoffs. Last month, the company told employees that it would eliminate up to 1,500 jobs, or less than 5 percent of its 30,000 employees worldwide. The cuts will be made through August 2014.
In the same quarter in 2012, Micron lost $243 million, or 24 cents per share.
Revenue rose 45 percent, to $2.84 billion from $1.96 billion.
Revenue from DRAM memory chips rose 50 percent compared with the prior three months due to a 42 percent increase in volume and a 5 percent increase in average selling prices. Revenue from flash memory products gained 5 percent over the previous quarter, but average selling prices fell 11 percent.
The company closed the Elpida Memory acquisition on July 31. Elpida, which makes memory chips for mobile phones and tablets, owned 65 percent of Taiwan's Rexchip Electronics Corp., and Micron bought another 24 percent of Rexchip from Powerchip Technology Corp.
Shares of Boise, Idaho-based Micron rose 28 cents to close at $18.43 before the results were released. During after-hours trading, they fell 27 cents to $18.16.
- Mergers, Acquisitions & Takeovers