Micron delivers solid fiscal fourth quarter results
The company’s profit has nearly doubled over the period
Stocks impacted: Micron Technology Inc. (MU)
Micron Technology reported fourth-quarter earnings of $1.08 per share, beating the consensus estimate of 99 cents while sales came in at $6.06 billion, also higher than $5.89 billion expected. Strong cloud and consumer sales during the coronavirus pandemic pushed the company’s sales over $1 billion while profit has nearly doubled over the period. Micron reported fiscal fourth-quarter net income of $988 million compared with $561 million. Revenue rose to $6.06 billion from $4.87 billion in the year-ago quarter. In its statement, Micron said the firm looks forward to improving market conditions throughout calendar 2021, driven by 5G, cloud and automotive growth. The company’s stocks added nearly 2% in the regular session and extended gains after hours as investors cheered the quarterly report.
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