Micron Technology has announced a whopping $1.71 billion profit for its latest quarter, up from a $43 million the previous quarter. It's the second profitable quarter for the Boise memory-chip maker after a seven-quarter drought.
The jump in profits for the quarter ended Aug. 29 was largely due to Microns acquisition of Japan's Elpida Memory Inc. and Taiwan's Rexchip Electronics Corp., which was completed in July. The company reported $1.48 billion in its gains related to the Elpida acquisition and Elpida operations during August.
The fourth-quarter profit was $1.51 per share.
"Micron is executing well on multiple fronts with the successful integration of Elpida and ongoing steady development of advanced memory solutions, including our hybrid memory cube that began sampling with key customers this quarter," said Micron CEO Mark Durcan. "Our product portfolio and systems solutions position us well to compete in the current favorable market environment."
Micron reported earnings after the stock market closed for the day. Its stock price just before the announcement was $18.43, about $5 higher than at closing the day third-quarter earnings were announced.