Micron's Sales Forecast Brings Hope Despite Recent Earnings Report Miss.
Micron Technology, the largest US maker of memory chips, has given a better sales forecast for the current quarter than some analysts had feared, sparking hope that the worst of a brutal industry slump may be over. The forecast suggests the memory chip market may be poised for a comeback after a rough stretch. Micron is projecting a loss of about $1.58 a share in the current period, which includes a 45-cent impact associated with $500 million in inventory writedowns. The company is also increasing job cuts and reducing its spending on new plants and equipment by 40% to $7 billion this year.