Korean tech giant and computer memory-chip maker Samsung announced shockingly bad earnings on Friday, with profits down 96% and a plan to cut memory production "by a meaningful level."

This was bad news for Samsung, but it's giving a noticeable lift to shares of embattled rival Micron Technology (NASDAQ: MU), which is up 7.5% on the news today, as of 10:15 a.m. ET.

As you may recall, late last month, Micron reported a 53% decline in revenue as memory prices dropped due to oversupply in fiscal Q2 2023. Management further warned that fiscal Q3 revenue will be down 57% year over year, with negative gross profit margins causing a probable $1.58-per-share adjusted loss for the quarter.

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Source Fool.com