Micron Stock Slides on Gloomy Outlook as Memory Demand Softens

Micron Technology

shares are under renewed pressure after the memory chip company posted weak results and provided softer-than-expected financial forecasts.

The anemic quarterly results, reported after the close of trading on Thursday, were no real surprise. Micron had ratcheted down expectations amid weak demand from personal-computer manufacturers and other customers, reflecting softening consumer spending. But even with the market braced for bad numbers, the severity of the expected downturn flagged in management’s earnings guidance still managed to surprise the Street.