Micron shares slide after mixed results and weak report
Shares of Micron sank 9% on Friday before markets opened
Chipmaker Micron Technology shares dropped 9% on Friday after reporting weak results for Q3 on Thursday.
Micron Technology Inc.
$90.90
13:09 20/09/24
Nasdaq 100
19,791.49
12:15 20/09/24
A loss was expected for the chipmaker, but revenue slipped more than projected as well as guidance not reaching expectations., which led to the disappointing pre market showings.
The tech company announced it would be laying off 7% of its employees in an attempt to save $80mn in costs per quarter by 2017.
Weak demand for smartphones is certainly an aspect causing the decline, as Micron's NAND flash meory sales suggest they are coming under increasing pressure from bigger rivals such as Samsung, who are increasing production of their 3D NAND flash.