Micron’s sales forecast spurs chip recovery hopes FMTNews FMTBusiness
Micron’s fiscal third quarter sales forecast of US$3.9 billion exceeds analysts’ estimates of US$3.75 billion.
“Customer inventories are getting better, and we expect gradual improvements to the industry’s supply-demand balance,” CEO Sanjay Mehrotra said in the statement. The company delivered earnings for the second quarter that were in line with its projections “in a challenging market environment”, he said.
The company is projecting a loss of about US$1.58 a share in the current period, which includes a 45-cent impact associated with US$500 million in inventory writedowns. Analysts had estimated a loss of 84 cents a share. Three months ago, Micron announced cost-cutting measures, including a 10% workforce reduction and a slowdown in investment in new production. While the revenue picture will improve in the second half of the year, profitability will remain difficult, it had said.
Mehrotra has argued that the company would deliver more stable earnings than in past downturns. The industry now has a small number of competitors — and they’re more focused on profits than gaining market share — potentially making the field more resilient. Memory chips also have a wider range of uses than in the past.
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