Micron Falls Most in Four Years on Sluggish Sales Outlook
- Strong AI growth isn’t offsetting a slowdown in PCs, phones
- Micron CEO cites weakness in consumer-oriented markets
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Shares of Micron Technology Inc., the largest US maker of computer-memory chips, fell the most in more than four years after the company’s revenue forecast missed projections, reflecting sluggish demand for smartphones and personal computers.
Sales will be roughly $7.9 billion in the fiscal second quarter, which runs through February, the company said in a statement Wednesday. That compares with an average analyst estimate of $8.99 billion. Profit will be no more than $1.53 a share, minus certain items, well short of the $1.92 projection.