Micron stock falls as company issues revenue warning amid 'challenging' memory conditions

Micron Technology Inc. shares were falling more than 3% in premarket trading Tuesday after the memory-chip company said that it expects “challenging” market conditions for the current quarter and the following one.

Ahead of an investor presentation that will take place later Tuesday, Micron MU, -1.62% executives disclosed in a filing that they expect that revenue for the company’s fiscal fourth quarter, which ends in August, “may come in at or below the low end of the revenue guidance range provided in our June 30 earnings call.

The company announced that it would institute capital-expenditure reductions for wafer-fab equipment when looking at fiscal 2023, “adding to the WFE capex reductions discussed in our June 30 earnings call.”Micron executives join those at fellow chip company Nvidia Corp. NVDA, -6.30% who issued a revenue warning Monday.Shares of Micron have fallen 9.5% over the past three months as the S&P 500 SPX, -0.12% has gained 3.7%.

United States United States Latest News, United States United States Headlines

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

Crypto Lender Hodlnaut Pauses Withdrawals — Company Cites Market Conditions, Despite Recent Crypto Rally – Bitcoin NewsWell before the Hodlnaut withdrawal pause, the Terra whistleblower called Fatman warned people about Hodlnaut's alleged issues. 🚀 Thankss a millon Whys nonee talkin about this? …… Hoooow coooome Uniswap alloooows this …
Source: BTCTN - 🏆 531. / 51 Read more »

Vue Cinemas’ Chain: Fall In Ticket Sales Cuts Company Value In Half To $785BnThe Vue International Cinema chain has reduced its valuation by approximately half to around £650million ($785.6million). The Times reports that the company is being restructured in a deal that has… BILLION Weekend interns strike again! Should, obviously, be millions, not billions.
Source: DEADLINE - 🏆 109. / 63 Read more »

S&P 500 gives up earlier gain and is flat as Nvidia warning hits tech stocksInvestors shifted focus to a key inflation report this week for more clarification about the Fed's next move at its policy meeting in September.
Source: CNBC - 🏆 12. / 72 Read more »