Micron Technology (MU) slashed its Q1 guidance: KeyBanc

According to KeyBanc analysts, Micron's management lowered FQ1 guidance at a recent investor event.

"Presenting at KBCM's Technology Leadership Forum, management provided an update and trimmed its outlook for F1Q (November) to flat bit shipments q/q from prior expectations of modest sequential growth. MU noted its customers in PC/smartphones had prebuilt inventory, while end-demand in auto, industrial, and consumer end markets was weak. As a result, Micron noted the pricing environment was weaker than expected and as a result has walked away from less favorable deals. On the HBM front, MU indicated yields are trending well, and reaffirmed expectations that an accelerated ramp will impact cost downs, which are expected to be flat to up this year and be muted in 2025. MU also reiterated expectations its HBM share will achieve its DRAM share in FY25."

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