Micron Technology warned investors in its earnings report for its fiscal fourth quarter that it intends to take drastic measures by scaling back plans to expand production capacity in response to what it termed a “unprecedented” market downturn.
The company stated in a press release that its net profit for the fourth quarter was US1.49 billion, or US$1.45 per share, before certain expenses like stock compensation. The period’s revenue was US$6.64 billion, down from USD$8.27 billion the previous year. Wall Street analysts expected lower earnings of US$1.37 per share on higher revenue of US$6.73 billion, but the results were mixed.
Additionally, Micron released its financial 2022 results, announcing earnings of US$8.35 per share on US$30.76 billion in sales, an increase from US$27.71 billion the year before.
Read More: Micron to slash spending on new chipmaking gear by 50% to counter ‘unprecedented’ oversupply
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