Micron Jumps 5% After Q1 Earnings
Micron Technology (NASDAQ: MU) is up more than five percent in after hours trading after the company announced its first quarter results.
The company reported a Q1 EPS of $0.30, which may not compare to the Street estimate of $0.42.
Revenue came in at $4.04 billion, which may not compare to the Street estimate of $3.72 billion.
Regardless, Micron's revenue is 42 percent higher than the fourth quarter and 120 percent higher than the first quarter of fiscal 2013.
The year is only getting started, but Micron was down more than four percent YTD at the market close on Monday, January 6. The stock rose more than 187 percent over the last 12 months, however.
Lexar, one of Micron's consumer brands, also announced that it will begin selling flash drives with 128GB and 256GB storage options.
"We live in a time where people are on the move more than ever, and are embracing the benefits of living their lives in the digital realm," Aaron Lee, director of product marketing at Lexar, said in a company release. "With more televisions and set-up-boxes allowing USB recording, higher capacity flash drives are essential for download and replay of favorite television shows.
"In adding the 128GB and 256GB capacities to our USB 3.0 line of JumpDrives, Lexar is offering personal storage solutions that will provide users the ability to quickly and conveniently take their photos, videos, music, movies, and other important information with them, wherever they go."
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.