Micron Stock Falls After Earnings Decline
Shares of Micron Technology fell in morning trading Thursday!
That only after the computer-memory maker said it was cutting its workforce, circa 10% (along with other expenses), including executive salaries after reporting quarterly results short of Wall Street’s expectations.
Tweet on Micron stock
Micron Stock Falls After Reporting Earnings, Job Cuts#Micron #semiconductors pic.twitter.com/b2uk7YZcYi
— The_Journalbiz (@the_journalbiz) December 22, 2022
Factset chart on Micron fluctuation
Micron stock was recently down nearly 4% as broader markets retreated
Micron Chief Executive Sanjay Mehrotra said the company would reduce its workforce by about 10% to save money, and will cut executive salaries for the remainder of the current fiscal year.
- The company reported a loss of $195 million for the quarter.
The results were below forecasts by Wall Street analysts, according to FactSet. Its outlook for the current quarter of roughly $3.8 billion in sales also came in lower than expected.
