Market Watch
Micron Technology Inc. on Thursday reported results showing the chip maker swinging to a profit as sales of memory processors surged.
Shares of Micron rose more than 1% in after-hours trading.
The Boise, Idaho-based company reported a fiscal fourth-quarter profit of $342 million, or 32 cents a share, compared with a loss of $100 million, or 12 cents a share, for the year-earlier period. Revenue was $2.49 billion, up from $1.3 billion.
Analysts had expected the chip maker to report earnings of 39 cents a share, on revenue of $2.66 billion, according to a consensus survey by Thomson Reuters.
In a statement, Chief Executive Steve Appleton said Micron “reached several new company milestones in fiscal 2010, including generating the highest annual revenue, income and operating cash flows in Micron’s history.”
Shares of Micron rose more than 1% in after-hours trading.
The Boise, Idaho-based company reported a fiscal fourth-quarter profit of $342 million, or 32 cents a share, compared with a loss of $100 million, or 12 cents a share, for the year-earlier period. Revenue was $2.49 billion, up from $1.3 billion.
Analysts had expected the chip maker to report earnings of 39 cents a share, on revenue of $2.66 billion, according to a consensus survey by Thomson Reuters.
In a statement, Chief Executive Steve Appleton said Micron “reached several new company milestones in fiscal 2010, including generating the highest annual revenue, income and operating cash flows in Micron’s history.”
