Shares of Micron Technology (MU -1.10%) are down 47% over the past 12 months and the company’s results for the first quarter of fiscal 2023, which were released last week, indicate that things will get worse for the chipmaker before they start looking up later in 2023.
The memory specialist saw a sharp decline in revenue in the most recent quarter, which ended Dec. 1, and slipped to a loss as compared to a profit in the prior-year period. The guidance for the current quarter suggests that rough times are here to stay for a while. However, management anticipates that the memory industry’s fortunes could start turning around in the middle of 2023 as customers start restocking chips.
Let’s take a look at whether Micron will be in a better position a year from now.
Weak memory demand has dented Micron Technology
Micron’s fiscal first-quarter revenue fell a massive 47% year over year…
