Shares of Micron Technology Inc. fell more than than 2% after the chip maker reported third-quarter profit that was below Wall Street expectations. Micron reported net income of $1.6 billion, or $1.40 per share, after reporting a loss of $215 million, or 21 cents per share during the same period a year ago. The FactSet consensus for earnings per share was $1.52. Revenue for the quarter hit $5.6 billion, up from $2.9 billion in the year earlier and just above FactSet’s $5.4 billion consensus. “The global trends taking shape today, including machine learning and big data analytics, are exciting and create significant opportunities for Micron,” said Chief Executive Sanjay Mehrotra in a statement. “We are focused on positioning the company to realize these opportunities by investing in technology and products while also strengthening our balance sheet.” Shares of Micron Technology have gained nearly 44% in the year to date, while the S&P 500 index is up 8% in the year.
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