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Micron's quarterly revenue beats expectations, shares rise

US-MICRON-RESULTS:Micron's quarterly revenue beats expectations, shares rise

(Reuters) - Memory chipmaker Micron Technology on Thursday posted a quarterly net loss but its revenue beat expectations as it sold more DRAM chips, sending its shares higher.

Consumers' growing preference for smartphones and tablets instead of laptops has been hurting PC manufacturers, which traditionally have been major buyers of DRAM chips made by Micron and rivals like Samsung Electronics.

But Micron said it sold more DRAM chips in the fiscal second quarter than in the previous quarter, and that it also improved its gross margins thanks to lower manufacturing costs.

The company reported a net loss for the fiscal second quarter ended February 28 of $286 million, or $0.28 per share.

It had a loss of $282 million, or $0.29 per share, a year earlier.

Revenue rose to $2.1 billion from $2.0 billion a year ago. Analysts on average expected quarterly revenue of $1.922 billion, according to Thomson Reuters I/B/E/S.

Shares of Micron rose 4.19 percent in extended trade after closing down 2.58 percent at $9.07.

(Reporting by Noel Randewich; Editing by Phil Berlowitz and Chris Reese)

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