Academic probation isn't something you want on your record but you're not the only applicant with something like this in their past. As the other poster pointed out, it comes down to how you manage it and position it. If you had been put on probation and then failed out, well then you'd be in a terrible spot. But you got back up, buckled down, and crushed the next couple of quarters! That's important and provides a sliver of insight in your character.
You want to be honest and forthcoming when it comes to addressing it but make sure you discuss what you learned from it and how you fixed it beyond a doubt!
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