BOISE, Idaho (AP) _ Micron Technology Inc. (MU) on Thursday reported fiscal fourth-quarter profit of $561 million.
The Boise, Idaho-based company said it had profit of 49 cents per share. Earnings, adjusted for one-time gains and costs, came to 56 cents per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.
The chipmaker posted revenue of $4.87 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $4.52 billion.
For the year, the company reported profit of $6.31 billion, or $5.51 per share. Revenue was reported as $23.41 billion.
For the current quarter ending in December, Micron expects its per-share earnings to range from 39 cents to 53 cents.
The company said it expects revenue in the range of $4.8 billion to $5.2 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $4.7 billion.
Micron shares have risen 53% since the beginning of the year, while the Standard & Poor's 500 index has climbed 19%. In the final minutes of trading on Thursday, shares hit $48.60, an increase of roughly 10% in the last 12 months.