Micron Third-Quarter Forecast Misses Estimates on PC Slump
- Reports loss in second quarter for first time since 2013
- Investors had hoped efforts at consolidation would help glut
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Micron Technology Inc., the U.S.’s largest maker of memory chips, gave a fiscal third-quarter forecast that missed analysts’ estimates due to weaker demand for personal computer components.
Revenue in the current period ending in May will be $2.8 billion to $3.1 billion, the company said in a statement Wednesday. That will result in an adjusted loss of 5 cents a share to 12 cents a share, Micron said and compares with average analysts’ estimates of a profit of 3 cents on sales of $3.18 billion.