Micron Technology Shares Rise 7% After Reporting Narrower Loss In Q1

(RTTNews) - Shares of chipmaker Micron Technology, Inc. (MU) are rising more than 7% Thursday morning after reporting narrower loss in the first quarter than expected by analysts. The company also provided second-quarter outlook above the consensus estimate.

Micron reported loss of $1.23 billion, or $1.12 per share for the first quarter, wider than $195000 or $0.18 per share last year.

Excluding one-time items, loss was $1.05 billion, or $0.95 per share. The consensus estimate of analysts polled by Thomson-Reuters stood at $0.97 loss per share.

Revenue for the quarter increased to $4.73 billion from $4.09 billion for the same period last year

For the second quarter, the company expects revenue to be $5.30 billion ± $200 million and adjusted loss per share to be $0.28 ± $0.07. Analysts expect the company to report loss of $0.62 per share on revenue of $5.03 billion for the quarter.

Micron shares, currently at $84.77, has traded in the range of $48.43 - $86.02 in the last 1 year.