tech
Micron stock sinks for a fourth straight day despite dominant earnings report
Micron's revenue almost tripled in the last quarter, but the memory company's stock has sunk about 15% since it reported earnings on Wednesday.
TL;DR
- Micron experienced a significant surge in demand for memory used in artificial intelligence chips.
- The company's second-quarter revenue nearly tripled compared to the previous year, reaching $23.86 billion.
- Despite strong earnings, Micron's stock has fallen approximately 14% since reporting its results.
- Analysts from Bank of America, Morgan Stanley, and JPMorgan increased their price targets for Micron stock.
- One analyst suggested profit-taking and concerns about future capital expenditures and high gross margins contributed to the stock's decline.