Micron Technology 's (NASDAQ: MU) latest quarterly report has dashed any hopes of a turnaround in its fortunes this year, and it wouldn't be surprising to see shares of the memory specialist head lower in the short term as it tries to navigate a weak demand environment.
Though the chipmaker's fiscal 2022 third-quarter results -- released on June 30 -- turned out to be better than expected, its outlook left a lot to be desired. Micron's tepid guidance and management's comments regarding a slowdown in memory demand have sparked concern among investors about the health of the semiconductor industry.
Micron's fiscal 2022 Q3 revenue increased 16% year-over-year to $8.64 billion. The company's earnings shot up 35% over the year-ago period to $2.59 per share last quarter, which was impressive considering the headwinds Micron faced going into its quarterly report. The numbers were better than analysts' expectations , but the guidance was the reason why investors pressed the panic button.
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Bad Times Are Here for Micron Technology, but There's Light at the End of the Tunnel