Micron earnings surpass expectations as share price sinks
However, the memory company’s share price sunk in after-hours trading.
MICRON SHARES SINK 7% AFTER EARNINGS REPORT— Tom Hearden (@followtheh) September 28, 2021
(Weiss will most certainly have sold it despite saying the opposite today)
Micron’s Q4 revenue was $8.27bn, $0.5bn above forecast, while earnings per share came in $0.09 above expectations at $2.42.
Micron $MU just reported earnings posting numbers of— Stock Market News (@StockMKTNewz) September 28, 2021
EPS of $2.42 beating expectations of $2.33
Rev of $8.27B beating expectations of $8.22B
The Nasdaq-listed company’s cash flow from ops came in at $3.88bn, above prior estimates of $4.05bn.
Micron Technology President and CEO Sanjay Mehrotra said:
“Micron’s outstanding fourth quarter execution capped a year of several key milestones. 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.”
“We are absolutely in a sweet spot of the market trends and we are very well positioned to address them,” Micron Technology CEO Sanjay Mehrotra told CNBC https://t.co/E9BiqsRmlE— Mad Money On CNBC (@MadMoneyOnCNBC) January 9, 2021
Throughout 2021 the Micron share price has traded sideways, giving investors little reason to get excited.
Having said that, the company broke records in the previous quarter as demand for its memory chips rose, while the market was undersupplied. The chips are used in smartphones, data centres and computers.