EconomyEditor's PickNewsMicron Rolls Out Soft Guidance, But Earnings Beat in Q4 on Strong Memory Sales

2 years ago365 min
imageStock Markets1 hour ago (Sep 29, 2020 04:25PM ET)

(C) Reuters. Micron Earnings, Revenue Beat in Q4

By Yasin Ebrahim – Micron (NASDAQ:MU) fiscal first-quarter earnings guidance fell short of estimates Tuesday, but the chipmaker’s fourth-quarter results topped expectations on both the top and bottom lines.

The company guided fiscal first-quarter earnings of $0.40-to-$0.54 share, compared with estimates of $0.68, and revenue of $5-to-$5.4 billion, in line with consensus of $5.33 billion.

Micron shares gained 3% in after-hours trade following the report.

Micron announced earnings per share of $1.08 on revenue of $6.06B. Analysts polled by anticipated EPS of $0.99 on revenue of $5.9B.

The beat on the top line was driven by “strong DRAM sales in cloud, PC and gaming consoles and an extraordinary increase in QLC NAND shipments,” the company said.

Looking ahead, Micron said: “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.”

Shares are down 5% from the beginning of the year, still down 17.13% from its 52 week high of $61.19 set on February 12. They are under-performing the S&P 500 which is up 3.24% from the start of the year.

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Micron Rolls Out Soft Guidance, But Earnings Beat in Q4 on Strong Memory Sales

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