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Micron fiscal results cheered by investors


Micron Technology reported its fiscal second-quarter results on Tuesday. In the three months until February 28, the company posted net income on an adjusted basis of $1.97 billion, or $1.71 per share – a drop from its profit of $3.5 billion in the year-ago quarter but ahead of the Wall Street’s consensus.

The chipmaker overcame a challenging market to beat analysts’ forecasts for revenue and profit, shares edged higher in after-hours trade

Stocks impacted: Micron Technology (MU)

The revenue came in at $5.84 billion, down from $7.35 billion but slightly ahead of projection of $5.82 billion. The results from the second-largest supplier of memory chips globally that were not so bad but not brilliant either, are in part due to a problem of oversupply due to diminishing demand for smart phones. Anyway, the company performs relatively well against the backdrop of a challenging market environment. Following the report, Micron shares climbed 1.5%.

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