Micron Technology’s sales surge by nearly £1 billion in the fourth quarter.

Micron Technology Inc. (NASDAQ: MU) published its earnings report for the fiscal fourth quarter on Tuesday that highlighted a close to 100% growth in profit and sales that surged nearly £1 billion. The company, however, expressed concerns for COVID-19-related challenges that it is likely to face in the upcoming months.

Shares of the company tanked about 4% in after-hours trading on Tuesday. Micron Technology is now exchanging hands at £37.98 per share that translates to a more than 10% decline year to date after recovering from an even lower £27.03 per share in March. Confused about choosing a reliable stockbroker to trade online? Here’s a comparison of the top few to make selection easier for you.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Micron’s Q4 financial results versus analysts’ estimates

At £769.84 million, Micron’s net income in the fourth quarter came in higher than £437.13 million in the same quarter last year. On an adjusted basis, the company reported 84 pence of earnings per share versus 43.63 pence per share in the comparable quarter of 2019.

In terms of revenue, the American computer company printed £4.72 billion in the recent quarter versus the year-ago figure of a much lower £3.79 billion. In the prior quarter (Q3), Micron had revealed a 13.6% annualised growth in revenue.

According to FactSet, experts had forecast the company to register £4.59 billion of revenue in the fourth quarter. Their estimate for earnings per share was capped at 76.36 pence per share. Micron partnered with top universities earlier in September to foster tech innovations.

CEO Sanjay Mehrotra highlighted on Tuesday that the company sold £3.43 billion of DRAMs in Q4 that accounted for 72% of Micron’s total quarterly revenue. NAND sales, he added, printed at £1.17 billion.

Other prominent figures in the Boise-based firm’s financial results include £2.35 billion of revenue from computer and network sales, and £1.14 billion of mobile sales in the fourth quarter.

Micron’s guidance for the fiscal first quarter

For the fiscal first quarter, Micron Technology forecasts its per-share earnings to fall in the range of 31.17 to 42.08 pence. Its estimate for revenue in Q1 stands at between £3.90 billion and £4.21 billion. In comparisons, experts anticipate £4.11 billion of revenue for Micron in the first quarter on 51.43 pence of earnings per share.

At the time of writing, Micron is valued at £43.90 billion and has a price to earnings ratio of 25.34.