Micron's Quarterly Targets Missed, Sales Plunge, and Staff Cuts Announced.
Micron Technology missed Wall Street's expectations for its fiscal Q2, reporting a loss of $1.91 per share on sales of $3.69bn. However, MU stock rose on Wednesday as analysts predict the worst may be over for the memory-chip maker. Micron's CEO sees a "gradually improving supply-demand balance in the months ahead" and investments in artificial intelligence providing another driver of demand for memory chips. At least six Wall Street analysts raised their price targets on MU stock after the quarterly report, but some remain cautious about Micron's prospects.