Shares of Micron Technology were down in early trading Wednesday after the company beat expectations for its quarterly earnings Tuesday but failed to impress Wall Street with its outlook.

The memory maker reported fiscal fourth-quarter net income of $2.72 billion, which amounts to $2.39 a share, compared with a net profit of $988 million, or 87 cents a share, in the year-ago period. Adjusted for stock-based compensation, among other things, earnings were $2.42 a share. Revenue rose 37%, to $8.27 billion.

The…

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