1 Tech Stock to Avoid Like the Plague Right Now
There is no way to put a positive spin on Micron Technology's (NASDAQ: MU) latest quarterly results, as the memory specialist put up disastrous numbers for the fourth quarter of fiscal 2022 (the three months ended Sept. 1) on Sept. 29.
The oversupply in the memory market sent Micron's top and bottom lines crashing. The outlook didn't inspire confidence either, as it suggests that things are about to get worse for the chipmaker. Let's take a closer look at Micron's latest numbers and see why this is a tech stock that investors may want to stay away from right now.
Micron's fiscal Q4 revenue fell 20% year over year to $6.64 billion. Management attributed this big decline to "rapidly weakening consumer demand and significant customer inventory adjustments across all end markets." That's not surprising, as the sharp drop in shipments of personal computers (PCs) and smartphones this year knocked the wind out of the sails of the memory market. Weakening demand caused an oversupply, and that led to a drop in memory prices this year.
Source Fool.com
