Boston, MA 01/09/2013 (wallstreetpr) – American semiconductor technology giant Micron Technology, Inc. (NASDAQ:MU) stocks surge ahead by almost 10% riding on another sterling quarterly earnings performance unveiled by the global conglomerate yesterday for its first quarter of fiscal year 2014.
Profit Making Streak Continues
The Boise, Idaho-based chipmaker has won investor and analyst hearts yet again with its profit-making streak continuing into and possibly beyond its third consecutive quarter, the third quarter of fiscal 2013 earmarking the much-anticipated profitability. Though profitability has dipped to $358 million for the recent quarter ended from the huge $1.71 billion in the fourth quarter of 2013, the technology behemoth has shown remarkable improvement in sales. Sales revenue rose by a whopping 44% to about $4.04 billion from $2.8 billion in the fourth quarter, and a mammoth 124% growth from a year ago.
Experts attribute most of the credit for Micron’s improved financial earnings to its key memory chip product line, which Micron inherited from its acquisition of Japanese semiconductor manufacturer Elpida Memory. Memory chips, with their huge demand worldwide for use in latest hi-tech gadgets such as smartphones, tablets and mobile devices, apart from various electronics devices, have greatly bolstered sales prospects for the giant. Its revenue growth consistently surpassing the industry average, Micron revenues have triggered growth in its earnings per share as well.
Shares Also Mirror The Performance
Furthermore, Micron stocks have also risen a considerable 33% overall over the past 90 days, aptly compounding its splendid sales growth. Micron stocks have skyrocketed over 200% over the past year alone, and recently hit new 52-week peaks twice in November 2013 on NASDAQ, riding on a BUY rating by well-known hedge fund Greenlight Capital. These are considerable achievements for a company that struggled until recently to meet ends, with a long-running loss-making streak spanning seven consecutive quarters before attaining profitability in 3Q2013. Micron shares on NASDAQ soared over 9% in their January 8 trade to close at $23.87 from a previous $21.73, dipping slightly to $23.785 during after-hours trade.
