Micron forecasts first-quarter revenue slightly below estimates

(Reuters) – Micron Technology Inc on Tuesday forecast first-quarter revenue slightly below Wall Street estimates that overshadowed the chipmaker’s quarterly revenue and profit beat.

The company’s shares last traded up 2% in volatile extended trade.

Revenue for Micron, one of the biggest DRAM chip suppliers, jumped over 24% to $6.06 billion in the fourth quarter, beating analysts’ estimate of $5.89 billion, according to IBES data from Refinitiv.

The company expects first-quarter sales to be $5.2 billion, plus or minus $200 million, while analysts on average were expecting $5.31 billion.

Net income attributable to the company rose to $988 million, or 87 cents per share, in the quarter ended Sept. 3, from $561 million, or 49 cents per share, a year earlier. (https://bit.ly/2EP3qEo)

Excluding items, Micron earned $ 1.08 per share, beating analysts’ estimates of 99 cents.

(Reporting by Akanksha Rana in Bengaluru and Stephen Nellis in San Francisco; Editing by Sriraj Kalluvila)