April 16, 2024
Micron reports largest loss on record, but stock gains as execs say inventory issues have peaked

Micron reports largest loss on record, but stock gains as execs say inventory issues have peaked

Micron Technology Inc. reported its largest quarterly loss on record due to an inventory write-down of more than $1.4 billion on Tuesday, but shares held up as executives suggested the memory market may be reaching a bottom.

“We now believe that customer inventories have reduced in several end markets, and we see gradually improving supply-demand balance in the months ahead,” Chief Executive Sanjay Mehrotra said in prepared remarks. “Excluding the impact of inventory write-downs, we believe our balance-sheet days of inventory…

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