Micron Technology Tanks Following Q3 Results
Shares of Micron Technology (NASDAQ: MU) are moving lower in the after-hours trade following the release of its Q3 earnings results. Currently, shares are lower by 9.85%, at $7.60; they closed the regular session higher by 3.18%, at $8.43.
Micron Technology said that Q3 EPS came in at $0.07 on revenues of $2.14 billion. The Street was at $0.0.17 per share on revenues of $2.37 billion. Revenues decreased 6.5% year over year.
Cash flows from operations for the third quarter of fiscal 2011 were $589 million. During the third quarter of fiscal 2011, the company invested $534 million in capital expenditures. In addition, during the third quarter, the company paid down $327 million of debt and ended the quarter with cash and short-term investments of $2.4 billion.
Micron Technology, Inc. is a manufacturer and marketer of semiconductor devices, principally dynamic random access memory (DRAM), Nandi Flash memory (NAND Flash and NOR Flash memory, as well as other innovative memory technologies, packaging solutions and semiconductor systems for use in leading-edge computing, consumer, networking, embedded and mobile products.
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