Micron Technology Inc. (NASDAQ: MU) Tuesday said its fourth-quarter revenues and profit increased in double-digits, aided by strong demand growth. The results also came in above the market’s projection, but the chipmaker’s stock declined in the extended trading session.
On an adjusted basis, fourth-quarter profit rose sharply to $2.42 per share from $1.08 per share a year ago. The impressive bottom-line performance reflects a 37% growth in revenues to $8.27 billion.
Unadjusted net income was $2.72 billion or $2.39 per share, compared to $988 million or $0.87 per share in the fourth quarter of 2020. Both revenues and earnings exceeded the consensus estimate.
“In fiscal 2021, we established DRAM and NAND technology leadership, drove record revenues across multiple markets, and initiated a quarterly dividend. The demand outlook for 2022 is strong, and Micron is delivering innovative solutions to our customers, fueling our long-term growth,” said Micron’s CEO Sanjay Mehrotra.
Micron’s stock closed Tuesday’s regular trading lower and continued to lose during the extended session after the announcement. In the past six months, the shares have declined 15%.
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