Micron's Mixed Guidance Overshadows Strong Q4 Results

Memory-chip maker Micron Technology reported fiscal fourth-quarter profit and revenue that exceeded analyst estimates, despite a downturn in the industry. However, the company's outlook was mixed as pricing slowly stabilizes. Micron's stock fell over 5% in response to the news. The company's performance positions it well for a market recovery in 2024, driven by increasing demand and disciplined supply. Micron makes two main types of memory chips, and analysts expect memory chip pricing to firm up in fiscal 2024.