According to Taiwan media DIGITIMES, micron said it would cut capital spending plans. Meguiar also warned of reduced demand from some corporate customers and predicted a possible oversupply in key markets in 2021.
Meguiar yesterday released its fourth quarter and full year results for fiscal year 2020. According to the report, Meguiars revenue in the fourth quarter was $6.056 billion, compared with $4.870 billion in the same period last year and $5.438 billion in the previous quarter; its net profit was $988 million, up 76% from $561 million in the same period last year, compared with $803 million in the previous quarter.
It home learned that Meguiars revenue and adjusted earnings per share exceeded Wall Street analysts expectations in the fourth quarter and fiscal year 2020, but its outlook for the first quarter of fiscal year 2021 was not as expected, leading to a drop of nearly 2% in its after hours share price.