Micron Results Top Estimates; Stock Up 7%

(RTTNews) - Chip maker Micron Technology Inc (MU) on Thursday reported fourth-quarter net earnings of $471 million or $0.42 per share compared with $1.15 billion or $0.96 per share last year.

Excluding items, adjusted earnings for the quarter were $0.37 per share.

Revenues for the quarter were down 15% at $3.6 billion compared with $4.23 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.33 per share on revenues of $3.56 billion for the quarter. Analysts' estimates typically exclude special items.

"While fourth quarter results were impacted by continued weakness in the PC sector, we believe that memory industry fundamentals remain favorable over the long term," said CEO Mark Durcan.

Micron is known for its memory chips such as DRAM, NAND and NOR Flash that are used in computers. It also makes memory chips for smartphones, as well as solid-state drives.