NEW YORK (TheStreet) -- Micron Technology (MU) shares are down -0.5% to $31.10 in after-hours trading on Monday following the release of the company's third quarter earnings results.
The company reported net income of $913 million, or 79 cents per diluted share, ahead of Thomson Reuters consensus estimates of 70 cents per share, but six cents less than it earned the previous quarter.
Revenue was also down slightly to $3.98 billion from its second quarter mark of $4.10 billion.
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Micron Technology shares traded on heavy volume during market hours today in anticipation of the company's quarterly results with 43.6 million shares trading today, 14.5 million more than its three month daily average.
Shares were down -1.85% during day trading.
TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICRON TECHNOLOGY INC (MU) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and notable return on equity. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."