Micron Technology's 4th-qtr revenue jumps, beats expectations

Reuters News
Posted: Sep 25, 2014 4:10 PM

By Noel Randewich

SAN FRANCISCO (Reuters) - Memory chipmaker Micron Technology Inc posted fiscal fourth-quarter revenue above analysts' expectations as signs of stabilization in the personal computer industry supported demand for DRAM chips.

Micron said in a statement on Thursday its revenue jumped 49 percent to $4.23 billion in the fourth quarter, which ended in August. Analysts on average had expected quarterly revenue of $4.16 billion, according to Thomson Reuters I/B/E/S.

Micron posted a net profit in the quarter of $1.15 billion, or 96 cents per share, compared with a net profit of $1.71 billion, or 1.51 cents, a year earlier.

Excluding items, Micron earned 82 cents per share in the quarter. Analysts on average forecast fourth-quarter earnings of 81 cents per share.

Micron's gross margin for the quarter was about 32.8 percent, compared to 33.7 percent expected by analysts.

Shares of Micron were 2.6 percent higher in extended trade after closing down 1.61 percent at $31.70 on Nasdaq.

(Reporting by Noel Randewich; editing by G Crosse)