Chipmaker Micron Technology Inc. (NASDAQ: MU) reported a 4% decline in earnings for the third quarter of 2020 due to higher costs and expenses despite a 14% jump in the top-line. Despite challenges in the macro-environment, the company’s exceptional execution drove strong revenue and earnings growth.
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Micron repurchased about 929,000 shares of its common stock for $40 million during the third quarter and ended the quarter with cash, marketable investments, and restricted cash of $9.29 billion, for a net cash position of $2.60 billion.
Looking ahead into the fourth quarter, the company expects adjusted earnings to come in at $1.05 per share, plus or minus $0.10, and unadjusted profit to be $0.88 per share, plus or minus $0.10. Revenues are anticipated to be in the range of $5.75-6.25 billion.
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