American chip maker Micron Technology, Inc. (NASDAQ:MU) has impressed Wall Street by its fourth quarter reports. The company which specializes in making RAMs, SSDs and Flash memory devices beat all the estimates. After the reports, its stock surged 4%. According to Micron Technology, Inc. (NASDAQ:MU)’s fiscal fourth quarter report, the company’s revenue jumped by 49% to $4.23 billion. The Street’s Julia Sun reported on Micron Technology, Inc. (NASDAQ:MU)’s latest profits and said that that chipmaker has seen an 82 cents a share surge in its revenue, which beat the estimates by one cent.
Sun also quoted Micron Technology, Inc. (NASDAQ:MU)’s CEO Mark Durcan who thinks that the company is going to cease more success in the market. Durcan thinks that favorable conditions in the market has led to a strong quarter. The execution by the company in order to take the complete advantage from the market ease was also unmatched and now, Micron Technology, Inc. (NASDAQ:MU) can look forward to more successful quarters in the future.
Sun said that Micron Technology, Inc. (NASDAQ:MU)’s expansion and growth is much faster than the chip industry’s growth, which is around 10% each year. As compared to last year, Micron Technology, Inc. (NASDAQ:MU)’s share almost doubled and company’s revenue also rose up enormously, which depicts its potential to compete with the famous market leaders in the semiconductor industry.
Micron Technology, Inc. (NASDAQ:MU) is eyeing for a revenue of around $4.45 billion to $4.70 billion in the upcoming first fiscal quarter. The company recently claimed that it is seeing an increasing demand from the industry. It also acquired Japanese DRAM maker Elpida Memory in 2013. This step was praised by investors and experts as it will equip the company with advanced skills and exposure in the market.
David E. Shaw‘s D.E. Shaw & Co., L.P. is one of the shareholders of Micron Technology, Inc. (NASDAQ:MU), having around 11 million shares of the company.
Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.