Why Micron Stock Slumped Today
Shares of Micron Technology (NASDAQ: MU) slumped on Wednesday after the company released results for its full fiscal year 2020. Investors had been hoping for a recovery in the company's semiconductor industry, but there were some warning flags in the release. As a result, Micron stock was down 5% as of 11:30 a.m. EDT.
Fourth-quarter revenue came in at $6.1 billion -- up 24% year over year. Q4 net income was up a whopping 76% to $988 million. Zooming out to look at the full fiscal year, both Micron's revenue and net income were down. Weakness in the semiconductor industry early in the year weighed on results. But a recent uptick in demand has investors hopeful things are set to improve for Micron.
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Source Fool.com
