Micron Technology Inc on Tuesday forecast third-quarter revenue would tumble nearly 60% from a year earlier but the steep drop was in line with Wall Street expectations and the company's shares rose after the close of regular trading.
A smartphone with a displayed Micron logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustrationon Tuesday forecast third-quarter revenue would tumble nearly 60% from a year earlier but the steep drop was in line with Wall Street expectations and the company's shares rose after the close of regular trading.
"We remain confident in long-term demand and are investing prudently to preserve our technology and product portfolio competitiveness," Micron Technology President and CEO Sanjay Mehrotra in the earnings release.-backed OpenAI's ChatGPT has boosted demand for data centers, mitigating the trend of easing demand for chips. Analysts say the expansion of generative AI comes with an acceleration in data to feed large language models and could fuel a jump in the need for storage.
Chipmakers and electronics companies had prepared for the pandemic-led demand surge to sustain but found themselves grappling with a glut as rising global interest rates and cost of living dampened demand for smartphones and other devices.
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