Micron moves to profit on acquisition
(Associated Press Via Acquire Media NewsEdge) NEWS: Micron Technology Inc. shares jumped in extended trading Tuesday after the chip maker moved to a profit for its fiscal first quarter with help from a recent acquisition.
DETAILS: The company got a major revenue boost from its acquisition of semiconductor maker Elpida Memory Inc. in July.
NUMBERS: Micron reported net income of $358 million, or 30 cents per share, for the quarter that ended on Nov. 28. That's compared with a loss of $275 million, or 27 cents per share, in the same quarter in 2012.
After adjusting for a settlement with chip maker Rambus and other special items, earnings rose to 77 cents per share from 29 cents per share.
Revenue more than doubled to $4.04 billion from $1.83 billion, due largely to the acquisition.
Analysts polled by FactSet were anticipating earnings of 52 cents per share on revenue of $3.72 billion.
STOCK: Shares of the Boise, Idaho-based company increased 6 percent to $23.06 in after-hours trading. Its stock added $1.06 to close regular trading at $21.73 Tuesday, more than triple its value from a year ago.
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