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UPDATE 1-Micron Technology's quarterly profit, revenue beats

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June 29 (Reuters) - Micron Technology Inc reported a better-than-expected quarterly profit and revenue helped by improved prices of memory chips used in computing systems and smartphones amid tight supply.

The company's shares, already up nearly 44 percent year-to-date, were up nearly 2 percent at $32.12 after the bell.

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, which gets about 60 percent of its revenue from the sale of DRAM chips, said there was 14 percent jump in DRAM pricing in the third quarter.

Also, demand for NAND chips, used in smartphones for storage, has been strong largely due to a shift to high-end phones. Micron said there was 17 percent jump in NAND pricing during the reported quarter.

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.

Excluding items, the company earned $1.62 per share. Analysts had expected a profit of $1.51 per share and revenue of $5.41 billion, according to Thomson Reuters I/B/E/S. (Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)