Micron Technology (NASDAQ: MU) posted a disappointing earnings report on Dec. 21. In the first quarter of fiscal 2023, which ended on Dec. 1, the memory chipmaker's revenue plunged 47% year over year to $4.09 billion and missed analysts' estimates by $50 million. Its adjusted net loss of $39 million, which fell from a net profit of $1.62 billion a year ago, trickled down to a net loss of $0.04 per share, and also missed the consensus forecast by two cents.
Micron had already warned investors of a grueling cyclical downturn during its fourth-quarter report in late September, but it still failed to clear Wall Street's low bar. This also represented Micron's second consecutive quarter of declining revenue -- which ended a nine-quarter streak of rising revenues from fiscal 2020 to fiscal 2022 -- and it expects that downturn to continue with a 49%-54% year-over-year decline in revenue in the second quarter.
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Source Fool.com