December 18, 2019 / 9:07 PM / a month ago

Micron beats quarterly revenue estimates on higher memory demand

Dec 18 (Reuters) - Micron Technology Inc beat analysts’ estimates for quarterly revenue on Wednesday, benefiting from an uptick in demand for memory chips after a tepid year, sending its shares up 3% in trading after the bell.

Net income attributable to the company fell to $491 million, or 43 cents per share, in the first quarter ended Nov. 28, from $3.29 billion, or $2.81 per share, a year earlier.

Revenue also fell to $5.14 billion from $7.91 billion, but beat estimates of $5.01 billion, according to IBES data from Refinitiv. (Reporting by Neha Malara in Bengaluru; Editing by Shinjini Ganguli)

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