Micron Technology's strong earnings and revenue for the fiscal third quarter (Q3) beat market estimates, the leading U.S. chipmaker's results showed Tuesday.

Micron generated an adjusted 1.05 U.S. dollars in earnings per share (EPS) on revenue of 4.788 billion dollars for the third quarter ending on May 30, beating market expectations of 78 cents in EPS.

The semiconductor firm recorded a strong performance for the last three months as its net income on the Generally Accepted Accounting Principles (GAAP) was 840 million dollars, and non-GAPP net income was 1.2 billion.

"Micron's improved competitive position and strong execution helped us deliver solid results despite a challenging environment," said Micron President and CEO Sanjay Mehrotra, referring to shipment restrictions imposed by the White House.

Micron registered gross margins of 38.2 percent for the quarter, down from about 60.6 percent in the same period last year.

The company's cash and short-term investments for the third quarter stood at 6.69 billion dollars, with a slight fall from 6.8 billion dollars in the quarter ending on Aug. 30, 2018.

Investments in capital expenditures were 2.21 billion dollars, which resulted in adjusted free cash flow of 504 million dollars, said the company.

"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," said Mehrotra.

Micron did not provide any guidance in the Q3 report, but market analysts estimated its sales could top 4.9 billion dollars for the next quarter.

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