- Micron beats Street 3Q forecasts
BOISE, Idaho (AP) _ Micron Technology Inc. (MU) on Thursday reported fiscal third-quarter net income of $1.65 billion, after reporting a loss in the same period a year earlier.
On a per-share basis, the Boise, Idaho-based company said it had net income of $1.40. Earnings, adjusted for non-recurring costs and stock option expense, were $1.62 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.49 per share.
The chipmaker posted revenue of $5.57 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $5.4 billion.
Micron shares have risen 44 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 8 percent. In the final minutes of trading on Thursday, shares hit $31.56, more than doubling in the last 12 months.
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