Shares of Micron Technology (MU) - Get Report  were up almost 8% Tuesday after-hours after the chipmaker reported quarterly results that topped analyst expectations

Micron reported fiscal third quarter revenue of $4.79 billion, down from the $7.8 billion it reported a year ago, yielding earnings of $1.2 billion, or $1.05 per share. Analysts were expecting the company to report revenue of $4.71 billion on earnings of 76 cents per share. 

"Micron's improved competitive position and strong execution helped us deliver solid results despite a challenging environment," said Micron Technology President and CEO Sanjay Mehrotra. "While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance."

The company said that it would provide future guidance during its conference call scheduled for 4:30 PM ET. 

Micron shares are down more than 40% over the past 12 months as oversupply issues have led to global chip sales declining for two consecutive quarters.

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