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Micron stock slumps despite record sales

Micron Technology
Micron's Boise headquarters.

Micron Technology announced record revenues in the company’s most recent quarter despite global economic pressures.

The Boise-based company brought in more than $8.6 billion in revenue, with $2.6 billion in profit.

Overall, the tech giant has more than doubled its profits the past three quarters compared to the same time span in 2021.

“The Micron team delivered these excellent results despite supply chain challenges and COVID-19 control measures in China, which impacted our business on both the demand side and the supply side,” CEO Sanjay Mehrotra said in a call with investors last week.

Inflation has slowed consumer demand for goods using Micron products, like smartphones and PCs.

That, coupled with a drop in supply, Mehrotra said, can work well together.

“These supply reductions will help offset some impact of the weaker demand,” he said during the call.

Weaker demand for consumer products is also offset by boosts to Micron’s data center and automotive customers.

The memory chip manufacturer’s substantial profits hasn’t wrangled back spooked investors yet, though. Micron’s stock price closed down 44% last week compared to the beginning of this year.

Follow James Dawson on Twitter @RadioDawson for more local news.

Copyright 2022 Boise State Public Radio

I cover politics and a bit of everything else for Boise State Public Radio. Outside of public meetings, you can find me fly fishing, making cool things out of leather or watching the Seattle Mariners' latest rebuilding season. If you have a tip, please get in touch!