BOISE, Idaho (AP) _ Micron Technology Inc. (MU) on Tuesday reported fiscal fourth-quarter profit of $988 million.
The Boise, Idaho-based company said it had net income of 87 cents per share. Earnings, adjusted for pretax expenses and stock option expense, came to $1.08 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The chipmaker posted revenue of $6.06 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $5.91 billion.
For the year, the company reported profit of $2.69 billion, or $2.37 per share. Revenue was reported as $21.44 billion.
For the current quarter ending in December, Micron expects its per-share earnings to range from 40 cents to 54 cents.
The company said it expects revenue in the range of $5 billion to $5.4 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $5.57 billion.
Micron shares have dropped roughly 6% since the beginning of the year, while the Standard & Poor's 500 index has climbed 3%. In the final minutes of trading on Tuesday, shares hit $50.71, an increase of 18% in the last 12 months.