Prices for DRAM chips made by Micron, Samsung
Electronics and SK Hynix have bounced back from a deep memory
chip price slump in 2012 that led some chipmakers to throttle
"They're executing pretty well in an improved memory market,"
said Pacific Crest analyst Monika Garg. "DRAM was much better
than expectations. On the NAND side they're facing a slightly
higher average selling price decline but I think that's
The company on Thursday reported a net profit of $731 million,
or 61 cents per share, in the quarter ended February 27,
compared with a loss of $286 million, or 28 cents, a year
Excluding items, Micron earned 85 cents per share, better than
the 76 cents expected by analysts, according to Thomson Reuters
Revenue rose 98 percent to $4.11 billion. Analysts an average
expected revenue of $3.985 billion.
Micron's stock has surged over 160 percent in the past 12
months, helped by the recovery in memory chip prices as well as
news in November that David Einhorn's hedge fund Greenlight
Capital had invested in the company.
Shares of Micron were up 1.29 percent in extended trade after
closing down 1.44 percent at $24.
(Reporting by Noel Randewich; editing by Bernard Orr)
[© 2014 Thomson Reuters. All rights
Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.