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Investing.com — Micron (NASDAQ:MU) reported Thursday mixed-quarter results and softer guidance that pointed to a gloomy backdrop ahead for the chipmaker as excess inventories and slower spending on consumer electronics hurt demand.
Micron shares fell about 2% in after-hours trading following the report.
Micron announced earnings per share of $2.59 on revenue of $8.64 billion. Analysts polled by Investing.com anticipated EPS of $2.46 on revenue of $8.68 billion.
The backdrop for chipmakers including Micron has deteriorated sharply this year as demand for consumer electronics has been rocked by supply-chain disruptions, geopolitics and surging inflation.
Global shipments of total devices including PCs, tablets and mobile phones are on pace to decline 7.6% in 2022, according to the data released Thursday from technology research firm Gartner.
Noting the “weakened” demand environment, Micron said it was taking action to moderate its supply growth in fiscal 2023.”
For the fiscal fourth quarter, Micron sees EPS in a range of $1.43 and $1.83 on revenue of $7.2 billion, give or take 400 million. Wall Street consensus had called for EPS of $2.69 on revenue of $9.31 billion.
