Memory-chip maker Micron Technology Inc. issued another subdued revenue outlook after failing to meet its sales expectations in the latest quarter, in a further sign demand for consumer electronics is slumping.
“An unprecedented confluence of events has affected overall demand,” Chief Executive Sanjay Mehrotra said in a statement, citing Covid-19 related lockdowns in China, the war in Ukraine and inflation’s impact on consumer spending. “In addition, inventory adjustments at customers across all end markets are also contributing to demand weakness.”
