Micron Trades Higher On Q4 Earnings Beat

Micron Technology MU reported fourth-quarter earnings of $1.08 per share Tuesday, beating the analyst consensus estimate of 99 cents. The company reported sales of $6.06 billion, beating the analyst consensus estimate of $5.89 billion.

The company sees first-quarter adjusted EPS 40-54 cents versus the 69 cent estimate, as well as sales at $5-$5.4 billion versus the $5.31 billion estimate.

"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," said Micron CEO Sanjay Mehrotra 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."

Micron shares traded up 3.2% to $52.34 in Tuesday's after-hours session. The stock has a 52-week high of $61.19 and a 52-week low of $31.13.

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