Micron Technology Inc.’s latest results contained a strange bit of good news in that they gave Wall Street the cut it wanted—and then some.
The memory chip maker reported a sharp drop in revenue and operating income for its fiscal fourth quarter on Thursday afternoon. Revenue for the quarter ended Sept. 1 slid 20% year over year to $6.6 billion—Micron’s first drop in more than two years. That was in line with a warning the company issued in early August citing the rapidly deteriorating global economy that was crimping sales of PCs and smartphones and making chip buyers in general cut down their orders to work through growing inventories.
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