Micron Forecast Triggers Concern That Best of Rally Is Over
- Earlier, company reported sales and profit topping estimates
- Chipmaker says its broader products will sustain growth
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Micron Technology Inc., the largest U.S. maker of memory chips, gave a revenue forecast that fell short of analysts’ estimates, adding to concern that a two-year surge in demand for its products is fading. The stock fell about 4 percent in early trading Friday.
Sales will range from $7.9 billion to $8.3 billion in the current quarter, the Boise, Idaho-based company said. Analysts predicted, on average, $8.45 billion, according to data compiled by Bloomberg. The company said profit, excluding certain items, will be about $2.95 a share, compared with analysts’ average estimate of $3.07.