micron technology inc mu shares rose in the extended session wednesday after the memorychip maker’s chief executive called the bottom on the sector and revenue came in slightly higher than expected micron shares rose 4 after hours following a 04 gain in the regular session to close at 6707 while the sp 500 index spx declined less than 01 the boise idahobased company reported a thirdquarter loss of 19 billion or 173 a share versus net income of 263 billion or 234 a share in the yearago period the adjusted loss which excludes stockbased compensation expenses and other items was 143 a share versus net income of 259 a share in the yearago period revenue dropped to 375 billion from 864 billion in the yearago quarter as a twoyear shortage of chips triggered by the covid pandemic flipped quickly but unevenly into a glut around this time last year analysts surveyed by factset had forecast a loss of 161 a share on revenue of 365 billion “we believe that the memory industry has passed its trough in revenue and we expect margins to improve as industry supplydemand balance is gradually restored” said sanjay mehrotra micron chief executive in a statement “the recent cyberspace administration of china “cac” decision is a significant headwind that is impacting our outlook and slowing our recovery” micron forecast an adjusted loss of 126 to 112 a share on revenue of 37 billion to 41 billion for the fourth quarter analysts had estimated a loss of 107 a share on revenue of 388 billion for the fourth quarter and a loss of 465 a share on revenue of 1532 billion for the year “longerterm micron’s technology leadership product portfolio and operational excellence continues to strengthen our competitive positioning across diverse growth markets including ai and memorycentric computing” the ceo said in a statement leading up to earnings analysts have said that micron is “at the bottom of this deep downturn” but “china complicates the recovery plan” for the year micron shares are up 34 compared with the sp 500’s 14 gain