Micron's sales down 57% as market bottoms out

US memory chipmaker Micron is still experiencing revenue way below last year's highs, but the company believes the industry has bottomed out, meaning prices for buyers are likely to rise again as demand picks up.

Nevertheless, CEO Sanjay Mehrotra was able to tell investors the company had beaten its own revenue guidance for the quarter, and also said he believed the memory industry had"passed its trough in revenue" and that market conditions would begin to improve as the supply and demand balance is slowly restored.

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