Micron FYQ4 Rev, EPS Beat; Nov-quarter EPS view misses; shares sag

Micron Technology, the vendor of DRAM and NAND memory chips, Tuesday afternoon reported fiscal fourth quarter revenue and profit that topped analysts’ expectations, but a forecast for this quarter that was merely in line as far as revenue, and below consensus on earnings. 

CEO Sanay Mehrotra cited “strong” sales of DRAM chips for cloud computing, PCs, and gaming consoles, as well as “an extraordinary increase in QLC NAND shipments,” the most advanced type of NAND flash that Micron makes. 

Mehrotra said the rest of 2020 should see “improving market conditions,” thanks to 5G, cloud computing, and the automotive market. 

Gross profit margin in the quarter rose to 34.1% from 32.4% in the prior quarter and 28.6% a year earlier.

Revenue in the three months ended in August rose to $6.06 billion, yielding EPS of $1.08. Analysts had been modeling $5.89 billion and 98 cents per share.

For the current

Read More