Micron Gains as Forecast Beat Spurs Hope That the Worst Is Over
- ‘Customer inventories are getting better,’ company’s CEO says
- Memory industry has been struggling with oversupply woes
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Micron Technology Inc., the largest US maker of memory chips, gained after issuing a better-than-expected outlook for the quarter, sparking hope that the worst of a brutal industry slump may be over.
Sales will be as much as $3.9 billion in the fiscal third quarter, the company said in a statement Tuesday. That compares with an average of analysts’ estimates of $3.75 billion. The company also announced more job cuts. Shares were up as much as 3.2% at $61.18 in premarket trading.