Micron Drops After Sluggish PC, Phone Demand Hurts Forecast [Yahoo! Finance]
Intel Corporation (INTC)
Last intel corporation earnings: 4/23 04:07 pm
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Source: Yahoo! Finance
trading after its revenue forecast missed projections by about $1 billion, hurt by sluggish demand for smartphones and personal computers. Most Read from Bloomberg NYPD Car Chases Are Becoming More Frequent — and More Dangerous Sales will be roughly $7.9 billion in the fiscal second quarter, which runs through February, the company said in a statement Wednesday. That compares with an average analyst estimate of $8.99 billion. Profit will be no more than $1.53 a share, minus certain items, well short of the $1.92 projection. Though Micron is seeing strong orders for components used in artificial intelligence computing, it still faces lackluster demand from makers of phones and PCs — two markets that consume the majority of its chip volume. Micron shares, up 22% this year through Wednesday's close, tumbled 11% in extended trading following the announcement. “While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of ou
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