Micron Slips as Weaker Guidance Stokes Memory Demand Fears By Investing.com

Micron Slips as Weaker Guidance Stokes Memory Demand Fears

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By Yasin Ebrahim

Investing.com -- Micron (NASDAQ:MU) reported Thursday mixed-quarter results and softer guidance that pointed to a gloomy backdrop ahead for the chipmaker as excess inventories and slower spending on consumer electronics hurt demand.

Micron shares fell about 2% in after-hours trading following the report.

Micron announced earnings per share of $2.59 on revenue of $8.64 billion. Analysts polled by Investing.com anticipated EPS of $2.46 on revenue of $8.68 billion.

The backdrop for chipmakers including Micron has deteriorated sharply this year as demand for consumer electronics has been rocked by supply-chain disruptions, geopolitics and surging inflation.

Global shipments of total devices including PCs, tablets and mobile phones are on pace to decline 7.6% in 2022, according to the data released Thursday from technology research firm Gartner.

For the fiscal fourth quarter, Micron sees revenue of $7.2 billion, give or take 400 million. Wall Street consensus had called for $9.31 billion.

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