Micron Technology, Inc. (NASDAQ: MU) found itself the subject of profit-taking Friday after the company reported upbeat results for its third quarter and issued a strong forecast for the current quarter.
The Idaho-based tech company announced Thursday revenues for the third quarter of fiscal 2017 were a record $5.57 billion and were 20% higher compared to the second quarter of fiscal 2017 and 92% higher compared to the third quarter of fiscal 2016.
Third-quarter net income attributable to Micron shareholders was $1.90 billion, or $1.62 per diluted share, compared to a net loss of $29 million, or ($0.03) per diluted share, for the third quarter of fiscal 2016.
Micron attributes the improved revenue figures to a 14% increase in DRAM average selling prices and a 17% increase in trade NAND sales volumes.
The company adds investments in capital expenditures, were $1.27 billion for the third quarter of fiscal 2017. The company ended the third quarter of fiscal 2017 with cash, marketable investments, and restricted cash of $4.90 billion.
Micron Technology claims to be a world leader in innovative memory solutions. Through the company's global brands – Micron, Crucial, Lexar, and Ballistix – the company's broad portfolio of high-performance memory technologies, including DRAM, NAND, NOR Flash, and 3D XPoint™ memory, is transforming how the world uses information.
Micron CEO Sanjay Mehrotra said "our results reflect solid execution of our cost reduction plans and ongoing favorable industry supply and demand dynamics."
Micron shares, however, took a bit of a hit on the last day of the first half of 2017, losing $1.62, or 5.2%, to $29.85.
