Micron Technology Inc. (NASDAQ: MU) reported strong earnings and revenue growth for the fourth quarter of 2020, benefitting from the pandemic-driven digital transformation spree. However, the company’s stock dropped during the extended trading session on Tuesday. Earlier, it had made strong gains immediately after the announcement.
Earnings, adjusted for one-off items, climbed to $1.08 per share in the final three months of fiscal 2020 from $0.56 per share last year. The bottom-line growth was driven by a 24% growth in revenues to $6.06 billion.
Unadjusted profit was $988 million or $0.87 per diluted share, compared to $561 million or $0.49 per share in the fourth quarter of 2019.
“We look forward to improving market conditions throughout calendar 2021, driven by 5G, cloud and automotive growth, and we are excited by the continued momentum in our product portfolio,” said Micron’s CEO Sanjay Mehrotra.
Both revenues and earnings exceeded the consensus estimate. Micron’s stock closed Tuesday’s regular session higher.
Stay tuned to access our earnings call transcripts here
Most Popular
Costco (COST) reports strong growth in Q1 FY26 earnings; revenue up 8%
Costco Wholesale Corporation (NASDAQ: COST) has reported an increase in net income for the first quarter of fiscal 2026. Revenues grew 8.3% year-over-year. The Issaquah, Washington-headquartered warehouse giant’s total revenues
AVGO Earnings: Broadcom reports higher Q4 FY25 revenue, profit; results beat
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Thursday reported an increase in revenue and adjusted earnings for the fourth quarter of fiscal 2025. The numbers also surpassed analysts' expectations. Adjusted
Lamb Weston (LW) is set to report Q2 2026 earnings next week, here’s what to look for
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) rose over 1% on Thursday. The stock has gained 4% over the past three months. The French fry giant is slated to
