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.