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Micron Technology Inc. nearly doubled its profit and added more than $1 billion in sales from last year thanks to strong cloud and consumer sales during the COVID-19 pandemic.
Micron MU, +1.99% reported fiscal fourth-quarter net income of $988 million, or 87 cents a share, compared with $561 million, or 51 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.08 a share, compared with 56 cents a share in the year-ago period.
Revenue rose to $6.06 billion from $4.87 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 98 cents a share on revenue of $5.89 billion.
Shares were last up 0.5% after hours, following a 2% rise in the regular session to close at $50.71.
“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,” Micron Chief Executive Sanjay Mehrotra said in a statement. “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.”
DRAM, or dynamic random access memory, is the type of memory commonly used in PCs and servers, while NAND chips are the flash memory chips used in USB drives and smaller devices, such as digital cameras.
Micron expects adjusted fiscal first-quarter earnings of 40 cents to 54 cents a share on revenue of $5 billion to $5.4 billion, while analysts had forecast earnings of 66 cents a share on revenue of $5.27 billion.
Micron shares are down 5% for the year, versus a 22% increase on the PHLX Semiconductor Index SOX, +0.21%, a 3% rise on the S&P 500 index SPX, -0.48%, and a 24% rise on the tech-heavy Nasdaq Composite Index COMP, -0.29%.
