Investing.com – Micron (NASDAQ:MU) fiscal first-quarter earnings guidance fell short of estimates Tuesday, but the chipmaker’s fourth-quarter results topped expectations on both the top and bottom lines.
The company guided fiscal first-quarter earnings of $0.40-to-$0.54 share, compared with estimates of $0.68, and revenue of $5-to-$5.4 billion, in line with consensus of $5.33 billion.
Micron shares gained 3% in after-hours trade following the report.
Micron announced earnings per share of $1.08 on revenue of $6.06B. Analysts polled by Investing.com anticipated EPS of $0.99 on revenue of $5.9B.
The beat on the top line was driven by “strong DRAM sales in cloud, PC and gaming consoles and an extraordinary increase in QLC NAND shipments,” the company said.
Looking ahead, Micron said: “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.”
Shares are down 5% from the beginning of the year, still down 17.13% from its 52 week high of $61.19 set on February 12. They are under-performing the S&P 500 which is up 3.24% from the start of the year.
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