Micron expects first-quarter gross margin to approach breakeven

Memory chipmaker Micron Technology stated on Tuesday it expects its first-quarter adjusted gross margin to method breakeven attributable to improved provide and demand steadiness.

The firm expects current-quarter adjusted loss per share to be about $1. It had beforehand forecast lack of $1.07 per share, plus or minus 7 cents.

Micron stated it now expects income within the quarter ended Nov. 30 to method $4.7 billion, in contrast with its earlier estimate of $4.4 billion, plus or minus $200 million.

However, Micron expects adjusting working bills of $990 million in that interval, increased that its prior expectation of $900 million, plus or minus $15 million.

Shares of the corporate fell 4% in premarket buying and selling.

CEO Sanjay Mehrotra and finance chief Mark Murphy will share additional updates in a fireplace chat on the 2023 UBS Global Technology Conference on Tuesday, Micron stated.

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