Micron reports $332 million in third-quarter profit

BOISE, Idaho (AP) — Micron Technology Inc. (MU) on Wednesday reported fiscal third-quarter revenue of $332 million.

On a per-share basis, the Boise, Idaho-based company said it had net income of 30 cents. Earnings, adjusted for stock option expense and pre-tax expenses, were 62 cents per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The chipmaker posted revenue of $6.81 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $6.7 billion.

Micron expects earnings per share to be between $1 and $1.16 for the current quarter ending in August.

The company said it expects revenue in the range of $7.4 billion to $7.8 billion in its fiscal fourth quarter. Micron shares fell about 7% in extended trading Wednesday, according to CNBC, as the forecast matched an expected revenue of $7.6 billion.

Micron is expected to begin construction on the first of four chip manufacturing plants in Clay next year.