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.
