Micron Inventory Slides on Gloomy Outlook as Reminiscence Call for Softens

Micron Technology

shares inched higher in late trading Thursday despite posting weak results and providing a softer-than-expected financial forecast.

The anemic quarterly results, reported after the close of trading on Thursday, were no real surprise. Micron had ratcheted down expectations amid weak demand from personal-computer manufacturers and other customers, reflecting softening consumer spending. But even with the market braced for bad numbers, the severity of the expected downturn flagged in management’s earnings guidance still managed to surprise the Street.