Micron Technology Inc. (NASDAQ: MU) reported a profit for the fourth quarter of 2024 compared to a loss last year as the chipmaker’s revenues surged 93%. Earnings also beat analysts’ forecasts.
The tech firm reported adjusted earnings of $1.18 per share for the fourth quarter, compared to a loss of $1.07 per share in the year-ago period. Earnings topped expectations. On an unadjusted basis, net income was $887 million or $0.79 per share in Q4, compared to a loss of $1.43 billion or $1.31 per share in the corresponding period of 2023.
Fourth-quarter revenues increased sharply to $7.75 billion from $4.01 billion in the prior year quarter and came in above analysts’ consensus estimates.
