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Earnings Results: Micron earnings and outlook beat, chip maker plans to increase production space

Micron Technology Inc. is still experiencing big financial gains from elevated demand for its memory chips, an earnings report showed Thursday, and the company is looking to spend some of that money to increase production.

Micron MU, -3.52% shares, which had dropped by as much as 8% after hours, were down about 3% after the company’s conference call Thursday afternoon, following a decline of 3.4% to close at $58.97 in the regular session. Shares have rallied 43% year to date, compared with a 9.3% rise in the PHLX Semiconductor Index SOX, -2.77% and a 1.1% decline in the S&P 500 index SPX, -2.52% .

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