The market has been sniffing out a cyclical downturn for the semiconductor industry for a while now, and memory-chip maker Micron Technology (NASDAQ: MU) is finally confirming that it's here. Micron did report record annual revenue for its recently completed 2022 fiscal year ($30.8 billion, an 11% increase from 2021), but the final quarter of the year (ended Sept. 1) was a dud. Ahead of this tumble in sales, Micron's stock price tanked 44% so far in 2022.
Micron Technology (NASDAQ: MU) posted a messy earnings report on Sept. 29. For the fourth quarter of fiscal 2022, which ended on Sept. 1, the memory chipmaker's revenue fell 20% year-over-year to $6.64 billion, missing analysts' estimates by $140 million and ending its nine-quarter streak of revenue growth. For the first quarter of fiscal 2023, Micron expects its revenue and adjusted EPS to tumble about 45% and 98% year-over-year, respectively.
Can it get even worse in the fourth quarter for investors? Maybe. More on that and what else to watch in markets for Monday, October 3, 2022.