Micron's 1Q Results, 2Q Guidance Beat Targets
January 07 2021 - 4:46PM
Dow Jones News
By Maria Armental
Micron Technology Inc., one of the world's largest memory-chip
makers, reported better-than-expected first-quarter financial
results and projected second-quarter results ahead of Wall Street
expectations pointing to strong broad-based demand. Here's what you
need to know.
PROFIT: Net income for the quarter surged to $803 million, or 71
cents a share, from $491 million, or 43 cents a share, a year
earlier. On an adjusted basis, profit rose to 78 cents a share from
48 cents a share a year earlier. The company had projected 61 cents
to 65 cents a share, or 69 cents to 73 cents a share on an adjusted
basis, while analysts surveyed by FactSet expected 56 cents a
share, or 68 cents a share on an adjusted basis.
REVENUE: Revenue rose to $5.77 billion from $5.14 billion a year
earlier. Micron projected $5.7 billion to $5.75 billion in revenue,
while analysts expected $5.66 billion.
OUTLOOK: This quarter, Micron expects a profit of 34 cents to 48
cents a share, or 68 cents to 82 cents a share as adjusted, on $5.6
billion to $6 billion in revenue. Analysts expect 51 cents a share,
or 67 cents a share on an adjusted basis, on $5.55 billion in
revenue.
CEO QUOTE: Chief Executive Sanjay Mehrotra in a statement
pointed to stronger DRAM industry fundamentals and said Micron
stood to benefit from accelerating digital transformation, fueled
by artificial intelligence, 5G, cloud, and the intelligent
edge.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
January 07, 2021 16:31 ET (21:31 GMT)
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