Micron Technology Inc. shares were falling more than 3% in premarket trading Tuesday after the memory-chip company said that it expects “challenging” market conditions for the current quarter and the following one.
Ahead of an investor presentation that will take place later Tuesday, Micron MU, -1.62% executives disclosed in a filing that they expect that revenue for the company’s fiscal fourth quarter, which ends in August, “may come in at or below the low end of the revenue guidance range provided in our June 30 earnings call.
The company announced that it would institute capital-expenditure reductions for wafer-fab equipment when looking at fiscal 2023, “adding to the WFE capex reductions discussed in our June 30 earnings call.”Micron executives join those at fellow chip company Nvidia Corp. NVDA, -6.30% who issued a revenue warning Monday.Shares of Micron have fallen 9.5% over the past three months as the S&P 500 SPX, -0.12% has gained 3.7%.