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Micron's dim outlook suggests tech spending is on the wane

Bloomberg7/1/2022 10:31 AM GMT+08  • 4 min read
Micron's dim outlook suggests tech spending is on the wane
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Micron Technology Inc. gave a surprisingly downbeat forecast for the current quarter after demand for phones and computers weakened, but vowed to move aggressively to stave off a chip glut.

The company -- the largest US maker of memory semiconductors -- warned that sales will be about US$7.2 billion in its fiscal fourth quarter, far below the analyst estimate of $9.14 billion. Excluding certain items, profit will be about US$1.63 a share, the company said, compared with the US$2.57 predicted by analysts.

The outlook overshadowed generally positive results from last quarter and renewed concerns about a slowdown in two key markets for Micron’s memory chips: computers and smartphones. Consumers and businesses have been reining in spending amid fears that the major world economies are headed for recession.

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