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Micron Technology (MU) reported revenue for the fiscal first quarter ended November 30 of $1.58 billion, a bit shy of Street expectations of $1.64 billion. But profits came in at 25 cents a share, beating the consensus view by a nickel. The company’s gross margin improved to 31%, from 24% one quarter earlier. DRAM revenue was up 15% sequentially; NAND flash revenue was up 10% sequentially. The company said it saw improved gross margins for both DRAMs and Flash; it maintained margins on image sensors.

The company said it expects 2007 capital spending of $4 billion, including $1.5 billion contributed by joint venture partners. The company finished the quarter with $2.64 billion in cash.

After hours, Micron shares have gained 58 cents to $14.07.

Source: Micron Up On Strong Earnings