December 19, 2017 / 11:28 PM / 3 months ago

Micron revenue beats estimates on memory chip boom

(Reuters) - Micron Technology Inc’s (MU.O) quarterly revenue beat analysts’ estimates on Tuesday, as the chipmaker benefited from a chip boom fuelled by demand from personal computer, server and smartphone makers.

FILE PHOTO: The logo of U.S. memory chip maker MicronTechnology is pictured at their booth at an industrial fair in Frankfurt, Germany, July 14, 2015. REUTERS/Kai Pfaffenbach

The company’s shares, which have nearly doubled this year, were up about 4 percent at $45.30 in after-hours trading.

Micron’s results have been buoyed by a so-called memory chip “super-cycle” of higher prices due to rising demand for storage from servers and smartphones.

Net income attributable to the chipmaker rose to $2.68 billion, or $2.19 per share, in the first quarter ended Nov. 30, from $180 million, or 16 cents per share, a year earlier.

Net sales rose 71.4 percent to $6.80 billion, beating the average analyst estimate of $6.41 billion, according to Thomson Reuters I/B/E/S.

Excluding items, the company earned $2.45 per share.

    Boise, Idaho-based Micron said it expected adjusted revenue of $6.80 billion to $7.20 billion and an adjusted profit of $2.51 per share to $2.65 per share for the current quarter.

    Analysts on average were expecting revenue of $6.19 billion and an adjusted profit of $2.03 per share.

    Reporting by Sonam Rai in Bengaluru; Editing by Sriraj Kalluvila

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