American company Micron Technology Inc.
said that the revenue for the current quarter may be lower than previously forecasted.
The announcement comes as demand for memory chips continues to fall.Image source: MicronIn an official statement, Micron said demand for dynamic random access memory (DRAM) and NAND flash memory has continued to steadily decline since the last forecast.
The company expects challenging conditions to continue over the next two quarters - at least until the end of this year.A month and a half ago, Micron expected revenue of $6.8 billion to $7.6 billion for the next three months versus $8.6 billion in the previous quarter.
Analysts had forecast revenue in the $7.28 billion range, but now the company has warned that revenue will be near the lower end of the estimate, closer to $6.8 billion.The company also intends to cut some costs in response to the situation, noting that the amount of capital spending in fiscal 2023 will fall significantly compared to the previous year.Micron announced a lower quarterly revenue forecast a day after NVIDIA reported that quarterly sales would be well below expectations.
In addition, last week AMD reported a decline in graphics gas pedal sales.
As for Micron, today it announced its intention to invest $40 billion in memory production in the U.S.
by the end of the decade.
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