Micron Technology Inc. (NASDAQ: MU) Thursday said its fourth-quarter profit declined from last year, hurt by a sharp fall in revenues. Earnings, however, beat the market’s projection.
On an adjusted basis, fourth-quarter profit dropped to $1.45per share from $2.42 per share a year ago. Unadjusted net income was $1.50 billion or $1.35 per share, compared to $2.72 billion or $2.39 per share in the fourth quarter of 2021.
The bottom line was negatively impacted by a 20% fall in revenues to $6.64 billion. Revenues also missed expectations.
Check this space to read management/analysts’ comments on Micron’s Q4 earnings
“We are taking decisive steps to reduce our supply growth including a nearly 50% wafer fab equipment capex cut versus last year, and we expect to emerge from this downcycle well positioned to capitalize on the long-term demand for memory and storage,” said Micron’s CEO Sanjay Mehrotra.