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The severe downturn gripping the memory-chip industry appears to be letting up just a bit. Micron (NASDAQ: MU) beat analyst estimates across the board with its results for the fiscal third quarter, which ended June 1, and its guidance called for a small sequential increase in revenue to close out the fiscal year.
On an absolute basis, Micron's results were downright awful:
Micron's inventory levels rose slightly during the quarter despite the write-downs and further production cuts. This is a testament to how weak demand is right now.