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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

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.