Micron Technology shares are headed lower in late trading Wednesday after the memory chip company posted weak financial results for the latest quarter but provided revenue guidance that topped Wall Street estimates.
For the November quarter, Micron sees revenue of $4.4 billion, give or take $200 million, which is above the old Wall Street consensus of $4.2 billion. The company sees a non-GAAP loss for the quarter of $1.07 a share, a few pennies wider than the consensus forecast for a loss of $1.04 a share. The large loss is not a surprise. Micron has been hurt by weak demand for both DRAM and NAND memory chips in its core end markets—PCs, mobile phones, and data centers. The company previously projected calendar 2023 bit demand growth of low-to-mid single digits, in percentage terms, for DRAM, and high single digits for NAND, below the company’s forecast for long-term growth of midteens for DRAM and low 20s for NAND.
In mobile, Micron sees 2023 smartphone unit volume down in the mid-single digits, with mid-single digit growth in calendar 2024.