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Micron: Fiscal 1Q Earnings Snapshot

·1 min read

BOISE, Idaho (AP) _ Micron Technology Inc. (MU) on Thursday reported fiscal first-quarter net income of $803 million.

On a per-share basis, the Boise, Idaho-based company said it had profit of 71 cents. Earnings, adjusted for one-time gains and costs, came to 78 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.

The chipmaker posted revenue of $5.77 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $5.73 billion.

For the current quarter ending in March, Micron expects its per-share earnings to range from 68 cents to 82 cents.

The company said it expects revenue in the range of $5.6 billion to $6 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $5.52 billion.

Micron shares have climbed 5% since the beginning of the year, while the Standard & Poor's 500 index has risen 18%. In the final minutes of trading on Thursday, shares hit $79.05, an increase of 36% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MU at https://www.zacks.com/ap/MU