Micron Surges After Earnings Surprise - TheStreet

NEW YORK (TheStreet) - Micron Technology (MU) - Get Report shares jumped as much as 6.3%, reaching a 52-week high after trouncing earnings expectations for its fiscal first quarter yesterday.

The Boise, Idaho-based semiconductor maker is among the

most active stocks on the New York Stock Exchange

today with the fourth-highest volume after


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Bank of America

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In the quarter that ended Dec. 3, Micron reported profit of $204 million, or 23 cents per share, compared to a loss of $718 million, or 93 cents per share, a year earlier. Analysts polled by Thomson Reuters had expected profit of 7 cents per share in the most recent quarter.

Revenue rose 24% to $1.74 billion from $1.4 billion, compared to an analyst prediction of $1.6 billion. The company said its gross margin on sales of memory products improved to 27% from 12% in the prior quarter as it raised prices.

The Associated Press contributed to this report.

This article was written by a staff member of TheStreet.com.