Micron: Fiscal Q1 Earnings Snapshot

BOISE, Idaho (AP) — BOISE, Idaho (AP) — Micron Technology Inc. (MU) on Wednesday reported fiscal first-quarter profit of $5.24 billion.

On a per-share basis, the Boise, Idaho-based company said it had net income of $4.60. Earnings, adjusted for one-time gains and costs, came to $4.78 per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.91 per share.

The chipmaker posted revenue of $13.64 billion in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $12.72 billion.

For the current quarter ending in February, Micron expects its per-share earnings to range from $8.22 to $8.62.

The company said it expects revenue in the range of $18.3 billion to $19.1 billion for the fiscal second quarter.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MU at https://www.zacks.com/ap/MU