Micron Technology, Inc MU shares traded higher Tuesday afternoon after reporting a third-quarter earnings beat.

Third-quarter adjusted earnings came in at $1.05, beating estimates by 22 cents. Sales came in at $4.788 billion, beating estimates by $18 million.

"Micron's improved competitive position and strong execution helped us deliver solid results despite a challenging environment," said Micron President and CEO Sanjay Mehrotra. "While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance."

Highlights

• Revenue of $4.79 billion was down from $7.80 billion year over year
• Operating cash flow of $2.71 billion
• Share repurchases of $2.66 billion under the authorized buyback program through the first nine months of 2019

Micron's stock closed Tuesday at $32.68, down 1.5%. At time publication, shares traded higher by 4% to $33.96 in the after-hours session.