Semiconductor maker Micron Technology Inc. reported Tuesday its first quarterly profit in nearly three years, sending shares up by 3.6 per cent to $9.75 in after-hours trading.
Micron said it pocketed $204 million or 23 cents per share in profit during the three months to December 3 as compared with a loss of $718 million in the year ago period.
The figure was better-than-expected as analysts had projected earnings of 7 cents on revenue of $1.6 billion.
Company's revenue jumped 24 per cent to $1.74 billion.
Commenting on the results, chairman & CEO Steve Appleton said, "We realize there are still challenges in the global economy, but our team members deserve a lot of credit for generating positive operating cash flow throughout the downturn."
Boise-based company's gross margin climbed from minus 32 per cent to 25.5 per cent.