NEW YORK (AP) -- Micron Technology Inc. is declining Friday afternoon as investor confusion over the chipmaker's quarterly results and profit taking weighs on the shares.
Late Thursday, Micron posted a $1.71 billion fourth-quarter profit that was helped by big gains tied to its July acquisition of Japan's Elpida Memory Inc. and for one month of Elpida's operations.
While the company said that its adjusted earnings were 29 cents per share, some analysts put the adjusted figure at 20 cents per share. Analysts surveyed by FactSet expected earnings of 23 cents per share.
Micron reported a 45 percent rise in quarterly revenue, bolstered by strong sales of DRAM memory chips.
The quarterly announcement may have prompted some investors to cash out their shares, as the stock has nearly tripled since the start of the year.
Shares of Boise, Idaho-based Micron fell $1.35, or 7.3 percent, to $17.08 in heavy trading. The stock has traded in a 52-week range of $5.16 to $18.85.