(Bloomberg) -- Micron Technology Inc., the largest US maker of computer memory chips, gave a weak sales forecast for the current quarter, hurt by sluggish demand for smartphones and personal computers.
Fiscal second-quarter revenue will be roughly $7.9 billion, the company said in a statement Wednesday. That compares with an average analyst estimate of $8.99 billion. Profit will be $1.53 a share at most, minus certain items, well short of the $1.92 projection.
Though Micron is seeing strong orders for components used in artificial intelligence computing, it still faces lackluster demand from makers of phones and PCs — two markets that consume the majority of its chip volume.
Micron shares, up 22% this year through Wednesday’s close, tumbled 17% in extended trading following the announcement.
“While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year,” Chief Executive Officer Sanjay Mehrotra said in the statement.
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