Disappointing guidance from memory-chip maker Micron Technology spurred selling among semiconductor stocks on Thursday. Read More...
Why Micron Stock Is Slumping Despite Strong Earnings
Micron Technology stock was losing ground despite the memory chip company reporting better-than-expected financial results for the quarter. Revenue guidance for the company’s August quarter matched estimates—and investors were likely expecting more. For the fiscal third quarter ended in May, Micron reported revenue of $6.8 billion, up 82% and ahead of both the midpoint of the company’s guidance range at $6.6 billion and the Wall Street consensus as tracked by FactSet at $6.67 billion.
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