Micron Technology Tanks Following Q3 Results

Shares of Micron Technology

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 (

), 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.