BOISE - Micron Technology reported a record $5.57 billion in revenue for the third quarter of the fiscal year.

The Boise-based company released its earnings report Thursday afternoon.

The report shows total revenue for the quarter that ended on June 1 increased by 20 percent from the second quarter, and by 92 percent compared to the third quarter of 2016.

Micron attributed the profits to lower manufacturing costs and an increase in the average selling prices of its computer memory products.

Net income for the quarter was $1.65 billion, or $1.40 per share. Micron reported a $215 million loss in the same quarter a year ago.

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Local financial planner Dave Petso tells KTVB the report points to a positive outlook for Micron in the near future.

"They also gave positive guidance that it's not over yet," Petso said. "The party's not over yet. They're halfway through this quarter already, so they have a good idea that this quarter's going to be pretty good."

Micron stock lost 77 cents to close at $31.47 a share during regular trading on Thursday. That was before the earnings report came out. Once the good news for Micron hit Wall Street, the price started to rebound in after-hours trading.