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NEW YORK (TheStreet) -- Micron Technology (MU) shares gained 1% to reach $24.25 in extended trading after the semiconductor specialist beat Wall Street's estimates and swung to a profit in its second-quarter results.
The Boise-based company reported revenue of $4.11 billion, a 98% increase over the same quarter a year ago. Analysts surveyed by Thomson Reuters were looking for sales of $3.99 billion.
On a GAAP basis, Micron earned 61 cents a share on net income of $731 million, up from a net loss of $286 million, or a loss of 28 cents a share, in the prior year's quarter.
Excluding items, Micron earned 85 cents a share on net income of $989 million, comfortably above Wall Street's estimate of 76 cents a share. Revenue from Micron's Trade NAND Flash products was up 11% compared to the first quarter thanks to a 35% increase in sales volume which was offset by an 18% decrease in average selling prices. The company said that sales of its DRAM products were essentially unchanged compared to the first quarter with both sales volumes and average selling prices remaining stable. Heading into earnings, plenty of attention had been focused on the company's DRAM business, amidst concerns that rising DRAM volumes would be accompanied by sliding prices. Earlier this week the memory specialist received a vote of confidence from analysts at Jefferies, which said Micron could offer upside surprises. Jefferies reiterated its Micron 'buy' rating and $30 price target.
Micron shares closed down 1.44% at $24 during Thursday's trading. --Written by James Rogers in New York. Follow @jamesjrogers >Contact by Email.
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