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Micron beats quarterly earnings estimates are on the higher memory demand is

FILE PHOTO: a Micron-Technology with solid-state drives for data center customers, was presented at a product launch event in San Francisco, california, USA, October 24, 2019 at the latest. REUTERS/Stephen Nellis

(Reuters) – Micron Technology Inc. beat analysts ‘ estimates for its quarterly revenue and profit on Wednesday, benefiting from a surge in demand for memory chips and, after a lukewarm year, sending its shares up nearly 4 percent in trading after the bell.

There is also an improvement in DRAM prices, which is used in smart phones, and laptops, with faster 5G phones and new video game consoles are expected to continue to come down, and the supply glut by 2020.

Data centre operators are also looking to buy a faster storage drives, it is a market that Micron and Intel Corp. to compete for customers.

Chipmakers are faced with a harrowing 17 months in the United States and China traded, rate of collapse, which reduced access to the Chinese market, one of the largest U.S. companies.

On an adjusted basis, the company earned 48 cents per share, compared with analysts ‘ estimates of 47 cents per share.

Net income attributable to owners of the company decreased to a total of $491 million, or 43 cents per diluted share, for the first quarter ended Nov. 28, from $ 3.29 billion, or $2.81 per diluted share, a year earlier.

Revenue fell to $5.14 billion from $7.91 billion, but beat estimates of $5.01 billion, according to IBES data, Refinitiv.

Reporting by Neha Malara in Bengaluru; Editing by Shinjini Ganguli

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