Micron Shares Rise After Swing to Profit
BOISE, Idaho (
) --
Micron Technology
(MU) - Get Report
shares rose after hours after the semiconductor maker said it swung to a profit in its fiscal second quarter.
Micron earned $365 million, or 39 cents a share, in the quarter ended March 4; a year earlier it reported a loss of $763 million, or 99 cents a share.
Net sales in the quarter rose to $1.96 from $1 billion a year earlier.
"Micron positioned itself well during the recession. The company's results are starting to reflect the combination of an improving market, strong operational performance, advanced technology and a broad product portfolio," said Steve Appleton, Micron chairman and CEO, in a statement.
Micron shares rose 30 cents, or 2.9%, to $10.67 in after-hours trading Wednesday.
-- Reported by Joseph Woelfel in New York.
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