Micron: Fiscal 3Q Earnings Snapshot
BOISE, Idaho (AP) _ Micron Technology Inc. (MU) on Tuesday reported fiscal third-quarter net income of $840 million.
On a per-share basis, the Boise, Idaho-based company said it had profit of 74 cents. Earnings, adjusted for one-time gains and costs, came to $1.05 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
The chipmaker posted revenue of $4.79 billion in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $4.66 billion.
Micron shares have risen almost 3% since the beginning of the year, while the Standard & Poor’s 500 index has increased 16%. In the final minutes of trading on Tuesday, shares hit $32.66, a decline of 39% in the last 12 months.