Micron sales, profit miss estimates as chip glut hurts prices
Share:
(Reuters) - U.S. chipmaker Micron Technology Inc gave on Tuesday quarterly sales and profit forecasts well below Wall Street estimates, citing a market glut of memory chips as consumer and business demand for phones and computers is weakening.Micron said it expected industry output, including from South Korean rivals Samsung Electronics Co Ltd and SK Hynix , to outstrip demand from the makers of phones, PCs and servers, pushing down Micron chip prices.Samsung had already warned of a slowdown..