Memory chips are a commodity, and boy, has it been a year for commodities. After plummeting consumer electronics sales and, later, a downturn in some data center hardware, companies like Micron Technology (NASDAQ: MU) have been working through excess inventories. Not even trimming its workforce and temporarily throttling some of its production lines have saved Micron from a horrific year.
Micron (NASDAQ: MU) posted its latest earnings report on Sept. 27. Its adjusted net loss of $1.2 billion marked a steep drop from adjusted net profit of $1.6 billion a year ago, but its adjusted net loss of $1.07 per share cleared the consensus forecast by $0.11. Micron's slowdown wasn't surprising since its growth has been throttled by the broader slowdown of the semiconductor market, but its stock still dipped after the report and remains more than 30% below its all-time high from last January.
By Louis Juricic and Sarina Isaacs