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Chipmaker Micron posts stronger fiscal first-quarter results

Memory chipmaker Micron Technology on Tuesday posted stronger fiscal first-quarter results as a stabilizing personal computer industry supported demand for DRAM chips.

Micron said in a statement its revenue rose 13 percent to $4.57 billion in the first quarter, which ended on Dec 4. Analysts on average expected revenue of $4.614 billion for the first quarter, according to Thomson Reuters I/B/E/S.

Micron posted a net profit in the first quarter of $1 billion, or 84 cents per share, compared with a net profit of $358 million, or 30 cents per share, in the same quarter a year earlier.

Excluding items, Micron earned 97 cents per share in the quarter. Analysts on average expected 92 cents per share.

Shares of Micron were up 0.18 percent in extended trade after closing down 2.68 percent at $32.87 on Nasdaq.