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Micron earnings surpass expectations as share price sinks

Micron Technology reported its Q4 earnings on Tuesday as both earnings and revenue beat analysts’ forecasts.

However, the memory company’s share price sunk in after-hours trading.

Micron’s Q4 revenue was $8.27bn, $0.5bn above forecast, while earnings per share came in $0.09 above expectations at $2.42.

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.”

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.

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