Micron Technology Inc. (MU) on Wednesday reported fiscal first-quarter earnings of $180 million.
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.
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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.
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
Keywords: Micron, Earnings Report