Micron Technology (NASDAQ: MU) shares dropped more than 4% after-hours Thursday following the company’s reported Q3 results. While EPS of $2.59 and revenue of $8.64 billion both came in better than the consensus estimates of $2.44 and $8.63 billion, respectively, the guidance missed badly.

For the Q4/22, the company expects EPS in the range of $1.43-$1.83, compared to the consensus estimate of $2.62. Q4 revenue is expected to be in the range of $6.8-$7.6 billion, compared to the consensus estimate of $9.05 billion.

“Recently, the industry demand environment has weakened, and we are taking action to moderate our supply growth in fiscal 2023," CEO Sanjay Mehrotra commented. "We are confident about the long-term secular demand for memory and storage and are well positioned to deliver strong cross-cycle financial performance.”

The company’s Board of Directors declared a quarterly cash dividend of $0.115 per share, which is payable on July 26 to shareholders of record as of the close of business on July 11.

By Davit Kirakosyan