Micron Technology (NASDAQ: MU) needed to do something special with its fiscal fourth-quarter report to sustain its status as a high-flying stock, but that was unlikely to happen. The memory specialist posted a massive decline in its revenue and earnings.
And its guidance failed to inspire confidence on Wall Street, indicating that the path to recovery is going to be slow and painful.
Micron's top and bottom lines have dropped by big margins for three consecutive quarters. In the fourth quarter, revenue fell 42% year over year to $4.87 billion as the average selling price (ASP) of both dynamic random access memory (DRAM) and NAND flash chips saw severe declines.