Micron Technology Down 4% In Spite Of Profit Beating Estimates

Shares of American chipmaker Micron Technology, Inc. (MU) are down 4 percent on Thursday's trading despite the company reporting higher earnings in the third quarter, which beat the Street expectations.

The company posted net income of $1.74 billion or $1.52 per share in the quarter, higher than $803 million or $0.71 per share in the year-ago period.

Income, excluding items, came in at $2.17 billion or $1.88 per share, compared to $941 million or $0.82 per share in the same period last year. On average, 27 analysts polled by Thomson Reuters expected the company to report earnings of $1.72 per share in the quarter. Analysts' estimates, usually exclude, one-time items.

Quarterly revenues rose to $7.42 billion from $5.44 billion in the prior year.

Currently trading at $80.81, the stock has traded between $42.25 and $96.96 during the past 52 weeks.

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