Micron stock rises 3% after earnings beat estimates

Micron Technology Inc. shares rose in the extended session Thursday after the memory chip maker topped Wall Street estimates for the quarter. Micron shares advanced 2.7% after hours, following a 2.2% rise to close the regular session at $46.06. The company reported fiscal fourth-quarter net income of $4.33 billion, or $3.56 a share, compared with $2.37 billion, or $1.99 a share, in the year-ago period. Adjusted earnings were $3.53 a share. Revenue rose to $8.44 billion from $6.14 billion in the year-ago period. Analysts surveyed by FactSet had estimated $3.33 a share on revenue of $8.25 billion. "In the fourth quarter, we set revenue records across all our major markets, from automotive and industrial to mobile and cloud datacenters," said Sanjay Mehrotra, Micron chief executive and president, in a statement. At the close, Micron shares were up 12% for the year, compared with a 9.6% rise in the S&P 500 index and a 10.7% gain in the PHLX Semiconductor Index

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