From Barchart: 2024-12-19 09:53:00

Micron Technology (NASDAQ:MU) shares plummeted over 12% in pre-market trading after the company’s second-quarter guidance fell short of expectations, projecting adjusted earnings between $1.33 and $1.53 per share and revenue of $7.90 billion, well below analysts’ estimates.

The semiconductor giant cited challenges in the memory chip market, including a slowdown in demand for data center SSDs and oversupply of NAND memory, leading to weaker-than-anticipated bit shipments and sluggish inventory turnover.

Despite the current struggles, Micron remains optimistic about its strategic focus on high-margin market segments and opportunities in AI-driven growth, expecting to regain momentum in the latter half of the fiscal year.

In its first-quarter results, Micron exceeded expectations with earnings of $1.79 per share and revenue of $8.71 billion, driven by growth in the data center segment and a 20% sequential increase in DRAM revenue, including a doubling of HBM revenues.



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