Micron’s shares plummeted 16% on April 25, 2024, marking their worst performance since March 2020, following disappointing second-quarter guidance. The stock closed at $87.09, nearly 45% down from its all-time high in June. Micron forecasted revenue of $7.9 billion and adjusted earnings per share of $1.43, falling short of analysts’ expectations. CEO Sanjay Mehrotra noted slower growth in consumer device segments and ongoing “inventory adjustments.” Despite a strong first quarter with an earnings beat and substantial revenue growth driven by AI demand, analysts predict continued challenges ahead with PC refresh delays and elevated inventory.
