Micron reported a record quarterly loss of $2.31 billion, or $2.12 a share, on sales of $3.69 billion, down from $7.79 billion a year ago, but $MU held up as executives suggested the memory market may be reaching a bottom:
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. Other commentary from the call focused on the end of that dynamic, with the most specific call from Mehrotra focusing on the key data-center market, where cloud-computing stalwarts had paused purchases. Inn Tuesday’s prepared remarks, though Mehrotra said that the rise of generative artificial-intelligence programs like ChatGPT will turn the market around.
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%.
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