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Micron Technology, Inc. MU shares are trading lower by 2.91% to $53.03 Friday afternoon in sympathy with Advanced Micro Devices, Inc. AMD after the company lowered its third-quarter sales guidance below analyst estimates.
What Happened?
AMD saw preliminary third-quarter revenue of approximately $5.6 billion, lower than the prior outlook of $6.7 billion plus or minus $200 million, primarily due to weaker Client segment revenue.
“The PC market weakened significantly in the quarter,” said AMD chair and CEO Dr. Lisa Su. “While our product portfolio remains very strong, macroeconomic conditions drove lower than expected PC demand and a significant inventory correction across the PC supply chain.”
“As we navigate the current market conditions, we are pleased with the performance of our Data Center, Embedded, and Gaming segments and the strength of our diversified business model and balance sheet. We remain focused on delivering our leadership product roadmap and look forward to launching our next-generation 5nm data center and graphics products later this quarter,” Su stated.
See Also: Why Microsoft Shares Are Diving
According to data from Benzinga Pro, Micron has a 52-week high of $98.45 and a 52-week low of $48.45.
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Image and article originally from www.benzinga.com. Read the original article here.