Micron’s Dim Outlook Suggests Tech Spending Is on the Wane
- Shares slip after chipmaker delivers disappointing forecast
- ‘Demand environment has weakened,’ Micron’s CEO says
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Micron Technology Inc. gave a surprisingly downbeat forecast for the current quarter after demand for phones and computers weakened, but vowed to move aggressively to stave off a chip glut.
The company -- the largest US maker of memory semiconductors -- warned that sales will be about $7.2 billion in its fiscal fourth quarter, far below the analyst estimate of $9.14 billion. Excluding certain items, profit will be about $1.63 a share, the company said, compared with the $2.57 predicted by analysts.