Micron beats 1Q profit forecasts

Markets Associated Press

Micron Technology Inc. (MU) on Wednesday reported fiscal first-quarter earnings of $180 million.

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On a per-share basis, the Boise, Idaho-based company said it had net income of 16 cents. Earnings, adjusted for stock option expense and restructuring costs, came to 32 cents per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.

The chipmaker posted revenue of $3.97 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $3.98 billion.

Micron shares have increased 45 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 11 percent. In the final minutes of trading on Wednesday, shares hit $20.56, a rise of 39 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MU at https://www.zacks.com/ap/MU

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Keywords: Micron, Earnings Report