News That Matters

Micron Technology Stock Slides On Negative Growth Outlook, Capex Cut

(RTTNews) – Micron Technology, Inc. (MU) shares are declining more than 5 percent on Wednesday morning traded after the company announced that it is reducing DRAM and NAND wafer starts by approximately 20 percent compared to the fourth quarter 2022. Micron is also planning to cut Capex. The company now expects year-on-year bit supply growth to be negative for DRAM, and in the single-digit percentage range for NAND.

Further, the innovative memory and storage solutions provider believes that in calendar 2023, year-on-year DRAM bit supply will need to shrink and NAND bit supply growth will need to be significantly lower than previous estimates.

Currently, shares are at $59.89, down 5.09 percent from the previous close of $63.10 on a volume of 8,857,136.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source link