Micron says demand for memory chips will stay strong, but its stock falls anyway
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Micron Technology Inc. hosted a lively earnings call today, saying it expects demand for flash memory chips to remain high for the rest of the year even as the supply of other kinds of computer chips begins to meet customers’ needs.
It also announced the sale of a manufacturing plant in Lehi, Utah, where it had previously made 3D Xpoint chips in partnership with Intel Corp., as well as a big investment in some important, next-generation chipmaking machinery.
The company posted strong results. It reported a third-quarter profit before certain costs such as stock compensation of $1.88 per share on revenue of $7.42 billion, up from $5.44 billion in the same period one year ago. That was better than expected, with Wall Street analysts looking for earnings of just $1.72 per share on revenue of $7.32 billion.
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Reuters
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Micron Technology s solid-state drive for data center customers is presented at a product launch event in San Francisco, U.S., October 24, 2019. REUTERS/Stephen Nellis
June 30 (Reuters) - Texas Instruments Inc (TXN.O) will buy Micron Technology Inc s (MU.O) factory in Lehi, Utah, for $900 million to boost its production capacity, the Dallas-based chipmaker said on Wednesday.
Micron in March had said it would sell that facility, as it confirmed plans to end production of a certain type of memory chip made there exclusively.
Texas Instruments said it plans to deploy its own technologies at Lehi, adding that it would offer workers at the site the opportunity to become its employees.
CCIV, Micron, Cuentas 3 Stocks To Watch Today Based On High Retail-Investor Interest
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Churchill Capital Corp IV (NYSE:CCIV): The blank check company’s stock dominated the list of top ten trending streams put together by Stocktwits.
A SPAC merger between Churchill Capital and Lucid Motors was confirmed in February. The deal valued Lucid at an equity value of $11.75 billion based on the $10 share offering price.
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