Micron Declines After Forecast Fails to Meet Lofty Expectations
- Stock had rallied 67% this year heading into earnings
- Outlook doesn’t meet high end of analysts’ estimates
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Micron Technology Inc., the largest US maker of computer memory chips, dropped after its forecast disappointed investors seeking a bigger payoff from artificial intelligence mania.
Fiscal fourth-quarter sales will be $7.4 billion to $7.8 billion, the company said in a statement Wednesday. While the average analyst estimate was $7.58 billion, some projections were above $8 billion. Profit will be about $1.08 a share, minus certain items, versus a projection of $1.02.