Micron reports largest loss on record as memory-chip market melts down, but stock gains as execs say inventory issues have peaked

Micron Technology Inc. reported its largest quarterly loss on record due to an inventory write-down of more than $1.4 billion on Tuesday, but shares held up as executives suggested the memory market may be reaching a bottom.

Analysts on average were expecting an adjusted loss of 67 cents a share on sales of $3.71 billion, according to FactSet. Micron shares gained more than 1% in after-hours trading immediately following the release of the results, after closing with a 0.9% decline at $59.28. The final total was higher than any of those estimates at $1.43 billion, or $1.34 a share. Micron also said it would increase plans to shrink its workforce to a 15% reduction from previous guidance of 10%.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Micron earnings: What to expect when the memory-chip company reports TuesdayMicron Technology Inc. will report fiscal second-quarter earnings after U.S. markets close on Tuesday.
Source: MarketWatch - 🏆 3. / 97 Read more »

STOCK MARKET NEWS: Alibaba split, Lyft’s new CEO, SVB hearings, Walgreen’s, Micron reportInvestors will monitor the first Silicon Valley Bank hearing, Jack Ma’s Alibaba is restructuring, Lyft gets new CEO and Walgreen’s, Micron report. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Stocks making the biggest moves midday: Micron, Paramount, McCormick and moreCheck out the companies making headlines in midday trading Tuesday. At almost a 90k gain so far from FOMC positions, not terrible
Source: CNBC - 🏆 12. / 72 Read more »