Micron Technology said it sees a recovery in the memory chip market coming and reported a quarterly profit that beat estimates as cost controls helped offset falling demand and prices.
U.S. chipmaker Micron Technology on Wednesday said it sees a recovery in the memory chip market coming and reported a quarterly profit that beat estimates as cost controls helped offset falling demand and prices, sending its shares up nearly 5 percent.
The company beat revenue expectations for the fiscal second quarter ended Feb. 28. Although it gave a forecast for its fiscal third quarter that was below Wall Street's expectations, Micron said demand is likely to begin growing again by its fourth quarter. Meantime, Micron trimmed its spending plans and said it had idled some factory lines to bring its chip output in line with lower demand, helping keep profits flowing and a share buyback plan on track.
"Certainly Micron has not been in a situation before where it's been able to deliver such healthy profitability and cash flow in an adverse industry environment," Chief Executive Sanjay Mehrotra said in an interview with Reuters.
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