(News Bulletin 247) – The American manufacturer of memory and storage chips Micron Technology announced Thursday a quarterly profit that exceeded Wall Street expectations, but its forecast for the current quarter disappointed.

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The Boise, Idaho-based group said last night that it expects current three-month earnings per share (EPS) of just four cents, well below the consensus so far target of 25 cents.

In a press release, the general manager Sanjay Mehrotra evokes an environment marked by a weakening of the relationship between supply and demand which will lead the company to halve its investments in production equipment.

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“With the excess supply and the slowdown in demand, Micron should still consume cash in the new financial year 2022/2023”, warns an analyst.

For its past quarter, the fourth of its staggered fiscal year, Micron reported net profit down to $1.49 billion, or $1.35 per share, from $2.72 billion ($2.39 a year). action) a year earlier.

Excluding exceptional items, earnings per share came to $1.45, where analysts were aiming for $1.28.

Turnover fell to 6.64 billion dollars, against 8.27 billion a year earlier, compared to a consensus of 6.73 billion.

Despite its disappointing forecasts, Micron shares took 2.9% on Friday morning on Wall Street. Its competitors Nvidia and Advanced Micro Devices grew at the same time by 2.6% and 2.1% respectively.

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