Add to/Remove from watchlist
Add to watch list
Job successfully added to:
Please name your portfolio
by Chavi Mehta and Jane Lanhee Lee (Reuters) – Memory chip maker Micron Technology (NASDAQ:
mu) First-quarter revenue was forecast to fall short of Wall Street expectations on Thursday, as demand in key end markets including PCs and smartphones worsened amid growing concerns about an economic downturn. In response to the tougher market environment, Micron also said it would cut investment. “We are taking decisive steps to reduce our supply growth, including near % fab equipment capex compared to last year decrease,” Chief Executive Sanjay Mehrotra said in its earnings statement.
Shares of the Boise, Idaho-based company fell broadly % has fallen 2.4% in extended trading so far this year on fears of a further slowdown in semiconductor demand. Chip equipment maker Applied Materials (NASDAQ: AMAT) also fell 2% in after-hours news. Micron was the first to sound serious alarm bells for the entire semiconductor industry in its third-quarter earnings report released at the end of June.