Micron Technology Announces Fourth Quarter and Full Year Fiscal 2020 Financial Results | Financial Buzz

Micron Technology Announces Fourth Quarter and Full Year Fiscal 2020 Financial Results

Micron Technology, Inv. (NASDAQ: MU) reported financial results for the fourth quarter and full year of fiscal 2020 that ended September 3rd, 2020.  For the fourth quarter, revenue amounted to USD 6.06 Billion compared to USD 4.87 Billion a year ago.  GAAP net income reached USD 988 Million or USD 0.87 per diluted share.  Operating cash flow for the quarter summed up to USD 2.27 Billion. 

For fiscal year 2020 revenue reached USD 21.44 Billion while GAAP net income amounted to USD 2.69 Billion or USD 2.37 per diluted share.  Operating cash flow for the year reached USD 8.31 Billion compared to USD 13.19 Billion in fiscal 2019. 

“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 Technology President and CEO Sanjay Mehrotra. “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 of Micron Technology fell over 5%, reaching a current low of day of USD 47.35.