Micron Technology Inc slides after reporting that slowing demand from PC makers is weighing on its earnings forecast, according to a press release by Micron on Tuesday.
- Sales will be nearly $7.65 billion in the quarter ending in November. That compares with Bloomberg’s average analyst estimate of $8.57 billion.
- The blurry outlook signals that slowing demand among PC makers is hurting the company. The memory chip industry is recognized for its dramatic boom-and-bust cycles.
- In Q4, Micron posted a 36% revenue jump to $8.27 billion from a year earlier. The net income was $2.72 billion or $2.39 per share in the period ended September 2.
- Micron Technology President and CEO Sanjay Mehrotra stated that Micron’s outstanding fourth-quarter execution completed a year of several key milestones. The demand outlook for 2020 is strong.
Micron belongs to the global semiconductor supply chain that struggled to keep up with the rate of orders partly due to the COVID-19 pandemic. MU down -2.77%