Micron Stock Falls After Forecasting Higher Expenses
Shares of Micron Technology fell early Tuesday after the memory-chip maker said it expects revenue for its fiscal first quarter to come in better than it initially forecast but warned that its operating costs will be higher.
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Shares of @MicronTech fell early Tuesday after the memory-chip maker said it expects revenue for its fiscal first quarter to come in better than it initially forecast but warned that its operating costs will be higher, via @FactSet #micron #shares #semiconductors #chips pic.twitter.com/2XB7rbfM6Y
— The_Journalbiz (@the_journalbiz) November 28, 2023
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Micron’s stock was recently down nearly 4%. It was up 55% in 2023 through Monday’s close, on pace for its best year since 2019.
The company is forecasting revenue of about $4.7 billion for the fiscal quarter, which ends Nov. 30. That is up from its previous revenue guidance of $4.2 billion to $4.6 billion.
Micron said the quarter benefited from a better balance of supply and demand that led to a better pricing environment.
Micron is now forecasting quarterly operating expenses of about $1.1 billion, up from its prior forecast of about $1.01 billion.
Micron is targeting an adjusted loss of about $1 a share, compared with a prior forecast of $1 a share to $1.14 a share.
