“Customer inventories are getting better, and we expect gradual improvements to the industry’s supply-demand balance,” Chief Executive Officer Sanjay Mehrotra said in the statement. The company delivered earnings for the second quarter that were in line with its projections “in a challenging market environment,” he said.
Micron Technology Inc, the largest US maker of memory chips, gave a better forecast for the current quarter than some analysts had feared, sparking hope that the worst of a brutal industry slump may be over.
Sales will be as much as US$3.9 billion in the fiscal third quarter, the company said in a statement Tuesday. That compares with an average of analysts’ estimates of US$3.75 billion. The company also announced an increase in job cuts.
