Boise, Idaho chip company Micron Technology (MU) reported a quarterly profit of $204 million, or 23 cents a share, compared with a loss of $718 million, or 93 cents a share for the same quarter last year.
Revenue climbed 24 percent to $1.7 billion. up from $1.4 billion from the previous year’s quarter.
Analysts had consensus expectations of 6 cents earnings per share on revenue of $1.6 billion.
Micron stated that revenue from its DRAM products soared by 50 percent from the previous quarter. The company also said sales of NAND Flash products were higher by 21 percent due to improved sales volumes and higher sales prices.
DRAM chips are manufactured for use in personal computers. NAND Flash processors are used in for digital cameras and mp3 music players.
Chief Executive Officer Steve Appleton stated “…there are still challenges in the global economy” amid “improving market conditions.” Chip manufacturers have been hit especially hard during the recession.
This was Micron’s first reported profit in three years.
Shares of Micron reached a 52-week high today at $9.48 and closed at $9.41 a share. Micron shares were up about 3 percent in after-hours trading. Yesterday, Wedbush upgraded Micron from “Neutral” to “Outperform” and raised the price target to $13 a share.
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