Micron's Revenue Plummets by 50% for Multiple Consecutive Quarters

Micron Technology (MU) reported decent 3Q FY2023 earnings despite facing headwinds from China's ban on its memory chips. The company highlighted that approximately 50% of its revenue from China is at risk, which could lead to a loss of market share. MU's valuation is considered expensive, with declining growth and a high EV/Sales TTM. The company's revenue growth has significantly slowed, and its recovery may take longer than expected. The ban's impact on MU's manufacturing facilities and the full extent of the restrictions remain uncertain. Analysts have reduced revenue consensus, and the stock's valuation is nearing its pandemic high. Holding MU may carry a high opportunity cost, and investors should closely monitor the company's FY2024 outlook.