Micron Technology, Inc. (NASDAQ:MU) reported better-than-expected results for its fourth quarter, but issued weak profit forecast for the first quarter.
The Boise, Idaho tech company revealed Tuesday revenue of $6.06 billion versus $5.44 billion for the prior quarter and $4.87 billion for the same period last year
GAAP net income was $988 million, or $0.87 per diluted share. Non-GAAP net income was $1.23 billion, or $1.08 per diluted share
Operating cash flow was $2.27 billion versus $2.02 billion for the prior quarter and $2.23 billion for the same period last year.
On a full-year basis, revenue proved to be $21.44 billion versus $23.41 billion for the prior year. GAAP net income of $2.69 billion, or $2.37 per diluted share. Non-GAAP net income was $3.24 billion, or $2.83 per diluted share. Operating cash flow was $8.31 billion versus $13.19 billion for the prior year
According to CEO Sanjay Mehrotra, "Micron delivered solid fiscal fourth quarter revenue and EPS resulting from strong DRAM sales in cloud, PC and gaming consoles and an extraordinary increase in QLC NAND shipments.
"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."
Projections for the first quarter of 2021 are for revenues to be $5.2 billion, with gross margin around 26.5%, and interest income of $37 million, with diluted earnings per share in the neighborhood of 39 cents.
MU shares began Wednesday slid $2.34, or 4.6%, to $48.37.
