Shares of Micron Technology (NASDAQ: MU) have clocked impressive gains of 58% so far this year, but the past few weeks it's fallen, even though the company reported a solid set of fiscal 2024 third-quarter results (for the three months ended May 30) in late June.

More specifically, Micron stock has fallen about 14% from the 52-week highs it hit on June 18. Let's see why that has been the case and whether investors should use the dip to buy more shares.

Micron's recent quarterly results were stellar. The company reported a stunning 81% year-over-year increase in revenue to $6.8 billion. It also reported a non-GAAP (generally accepted accounting principles) profit of $0.62 per share as compared to a loss of $1.43 per share in the same quarter last year. The numbers exceeded Wall Street's expectations of $0.50 per share in earnings on revenue of $6.67 billion.

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Source Fool.com