Micron Issues Muted Sales Forecast On Demand Weakness

Memory-chip maker Micron Technology issued a subdued revenue outlook, spooking investors even as it reported a strong rise in earnings for its latest quarter. “Recently, the industry demand environment has weakened, and we are taking action to moderate our supply growth” in coming quarters, Chief Executive said in a statement, adding that he was still confident about long-term demand for memory and storage. Micron which makes data-storage and memory chips for computers and smartphones, had enjoyed a major upswing in sales and profit during the pandemic, benefiting from surging demand for electronics amid the work-from-home shift.