Micron Technology's 4Q Profit Growth Beats Projections -- Earnings Review

  By Maria Armental

Micron Technology Inc., one of the world's largest memory-chip makers, reported fourth-quarter profit more than doubled driven by strong demand across markets.

PROFIT: Profit for the quarter ended Sept. 2 surged to $2.72 billion from $988 million a year earlier. On a per-share basis, profit was $2.39, or $2.42 as adjusted. Analysts surveyed by FactSet expect profit to surge to $2.22 a share, or $2.33 a share on an adjusted basis. Micron had projected $2.13 to $2.33 a share, or $2.20 to $2.40 on an adjusted basis.

REVENUE: Revenue rose to $8.27 billion from $6.06 billion a year earlier. Analysts expect revenue to rise to $8.23 billion. Micron had projected $8 billion to $8.4 billion.

YEAR: Micron ended the year at a profit of $5.86 billion on $27.71 billion in revenue, compared with a $2.69 billion profit on $21.44 billion in revenue a year earlier.

CEO QUOTE: "The demand outlook for 2022 is strong, and Micron is delivering innovative solutions to our customers, fueling our long-term growth," Chief Executive Sanjay Mehrotra said in a statement.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

September 28, 2021 16:23 ET (20:23 GMT)

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