Micron Technology (NASDAQ:MU) shares were taking a hit late Tuesday afternoon, following the company’s release of its fourth quarter of fiscal 2020 results after market hours.
For the quarter, the computer and mobile device memory maker actually posted encouraging fundamentals. Revenue for the period came in at $6.06 billion, a sturdy 24% higher than the same period in 2019. Non-GAAP (adjusted) net profit nearly doubled, to just under $1.23 billion ($1.08) from the year-ago result of $637 million.
Both results comfortably topped analyst estimates. Collectively, prognosticators tracking the stock were modeling $5.89 billion on the top line, and an adjusted