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Micron Stock Falls on Slowing Smarphone and PC Demand
Posted
December 19, 2024
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1,872
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December 19, 2024
1,872
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3:51Now PlayingShares of Micron Technology Inc., the largest US maker of computer-memory chips, fell the most in more than four years after the company’s revenue forecast missed projections, reflecting sluggish demand for smartphones and personal computers.
Sales will be roughly $7.9 billion in the fiscal second quarter, which runs through February, the company said in a statement Wednesday. That compares with an average analyst estimate of $8.99 billion. Profit will be no more than $1.53 a share, minus certain items, well short of the $1.92 projection.
Though Micron is seeing strong orders for components used in artificial intelligence computing, it still faces lackluster demand from makers of phones and PCs — two markets that consume the majority of its chip volume.
Micron shares tumbled as much as 17% to $86.13 after markets opened in New York on Thursday, the stock’s biggest intraday drop since March 2020.
Bloomberg Intelligence Analyst Jake Silverman discusses the results with Alix Steel and Paul Sweeney on Bloomberg Radio.
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