Micron Sees a Bottom as Profits Collapse
Memory chip manufacturer Micron Technology (NASDAQ: MU) managed to beat analyst estimates across the board when it reported its fiscal first-quarter results on Wednesday, but expectations weren't exactly high. Revenue crashed 35% year over year, and adjusted earnings per share plunged 84%.
An oversupply of memory chips is hurting Micron's results, and the bonanza of 2017 and 2018, when memory chip prices soared and Micron's profits hit record levels, is making the comparison all the starker.
Image source: Micron.
Source Fool.com