Micron revenue beats estimates on memory chip boom

(Reuters) - Micron Technology Inc's quarterly revenue beat analysts' estimates on Tuesday, as the chipmaker benefited from a chip boom fuelled by demand from personal computer, server and smartphone makers.

The company's shares, which have nearly doubled this year, were up about 4 percent at $45.30 in after-hours trading.

Micron's results have been buoyed by a so-called memory chip "super-cycle" of higher prices due to rising demand for storage from servers and smartphones.

Net income attributable to the chipmaker rose to $2.68 billion, or $2.19 per share, in the first quarter ended Nov. 30, from $180 million, or 16 cents per share, a year earlier.

 

Net sales rose 71.4 percent to $6.80 billion, beating the average analyst estimate of $6.41 billion, according to Thomson Reuters I/B/E/S.

Excluding items, the company earned $2.45 per share.

Boise, Idaho-based Micron said it expected adjusted revenue of $6.80 billion to $7.20 billion and an adjusted profit of $2.51 per share to $2.65 per share for the current quarter.

Analysts on average were expecting revenue of $6.19 billion and an adjusted profit of $2.03 per share.

(Reporting by Sonam Rai in Bengaluru; Editing by Sriraj Kalluvila)