June 29, 2017 / 8:05 PM / a month ago

Micron Technology reports profit on strong demand for memory chips

1 Min Read

June 29 (Reuters) - Micron Technology Inc reported a quarterly profit, compared with a loss a year earlier, helped by improved prices of memory chips used in computing systems and smartphones amid tight supply.

Net income attributable to Micron was $1.65 billion, or $1.40 per share, in the third quarter ended June 1, compared with a net loss of $215 million, or 21 cents per share, a year earlier.

Revenue rose to $5.57 billion from $2.90 billion.

Prices of dynamic random access memory (DRAM) chips, used in PCs and servers, have rebounded sharply due to high demand from rapidly growing cloud-services providers and a stabilizing PC industry.

Micron gets about 60 percent of its revenue from the sale of DRAM chips. (Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)

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