UPDATE 1-Chipmaker Micron forecasts profit, revenue above estimates

(Adds Q1 forecasts and share move; compares Q4 results with estimates)

Sept 26 (Reuters) - Micron Technology Inc's quarterly profit beat Wall Street estimates and the company forecast better-than-expected results for the current quarter, helped by surging prices for its memory chips used in smartphones and computers.

The chipmaker's shares were up 3.7 percent in extended trading on Tuesday. Micron was the most actively traded among Nasdaq-listed stocks.

Micron, which gets about 66 percent of its revenue from the sale of dynamic random access memory (DRAM) chips used in PCs and servers, said DRAM prices jumped 8 percent in the fourth quarter.

Micron has been boosted in recent quarters also by surging demand from smartphone makers for its NAND memory chips, which is used to store data like music and photos on mobile devices.

Net income attributable to Micron was $2.37 billion, or $1.99 per share, in the quarter ended Aug. 31, compared with a loss of $170 million, or 16 cents per share, a year earlier.

The company's net sales jumped 90.8 percent to $6.14 billion.

Excluding items, the Boise, Idaho-based company earned $2.02 per share, beating the average analyst estimate of $1.83, according to Thomson Reuters I/B/E/S.

Micron said it expects adjusted revenue of $6.10 billion to $6.50 billion, and an adjusted profit of $2.09 to $2.23 per share for the current quarter.

Analysts on average were expecting revenue of $6.06 billion and an adjusted profit of $1.85 per share. (Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel)