A magnetoresistive memory cell and array are provided for nonvolatile storage of binary information. According to an embodiment, a memory cell has a ring-shaped magnetoresistive multilayer element (or bit). A plurality of vias pass through a center hole in the ring-shaped element. Each end of each via is coupled with a separate write-read line segment that extends radially from the center hole past a perimeter of the ring-shaped element. The write-read lines are configured to generate magnetic fields for switching a magnetization direction of one or more layers of the ring-shaped bits in the array.