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Micron Trades Higher On Q3 Beat

Micron Trades Higher On Q3 Beat

Micron Technology (NASDAQ: MU) reported third-quarter earnings of 82 cents per share Monday, beating the analyst consensus estimate of 77 cents by 6.49%. This is a 21.9% decrease over earnings of $1.05 per share from the same period last year.

The company reported quarterly sales of $5.44 billion, which beat the analyst consensus estimate of $5.31 billion by 2.45%. This is a 13.62% increase over sales of $4.79 billion the same period last year.

"Micron's exceptional execution in the fiscal third-quarter drove strong sequential revenue and EPS growth, despite challenges in the macro environment," CEO Micron Technology CEO Sanjay Mehrotra said in a statement. 

"We are ramping the industry's most advanced DRAM technology into production and have delivered more than 75% of our NAND volume as high-value solutions, supported by record SSD revenue in the quarter. Our portfolio momentum positions us exceedingly well to leverage the long-term growth across our end markets." 

Micron shares were trading up 1.02% at $48.98 on Monday during the time of publication. The stock has a 52-week range between $61.19 and $31.13.

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