Micron Stock Tumbles On Grim Chip Sector Outlook After Q3 Earnings Beat

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The Street

By Martin Baccardax “We saw a significant reduction in near-term industry bit demand, primarily attributable to end demand weakness in consumer markets,” said CEO Sanjay Mehrotra. Micron Technology (MU) – Get Micron Technology Inc. Report shares slumped lower Friday after the chipmaker forecast notably weaker-than-expected near term revenues amid a pullback in global demand for computers and smartphones. Micron, which posted non-GAAP earnings of $2.59 per share for the three months ending in May on revenues of $8.64 billion — both of which topped Street forecasts — noted the China weakness a…

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