Micron Technology forecasts lower revenue and profit due to weak consumer demand

From Investing.com: 2024-12-18 19:10:52

Micron Technology forecasted lower than expected quarterly revenue and profit due to weak demand for consumer products like PCs and smartphones. The market for DRAM chips, a major revenue source, remains slow. The company expects a low single-digit percentage growth for smartphones in 2025, with CEO Sanjay Mehrotra citing weak demand. Micron’s stock dropped 15% in extended trading. The company reported revenue of $8.71 billion in the first quarter, up 84%, with strong demand for high-bandwidth memory chips driving growth. Micron expects to earn $1.43 per share in the second quarter, lower than analysts’ expectations.



Read more at Investing.com: Micron shares tumble as quarterly forecast signals sluggish consumer demand By Reuters