Micron Technology's (NASDAQ: MU) latest quarterly report has dashed any hopes of a turnaround in its fortunes this year, and it wouldn't be surprising to see shares of the memory specialist head lower in the short term as it tries to navigate a weak demand environment.

Though the chipmaker's fiscal 2022 third-quarter results -- released on June 30 -- turned out to be better than expected, its outlook left a lot to be desired. Micron's tepid guidance and management's comments regarding a slowdown in memory demand have sparked concern among investors about the health of the semiconductor industry.

Micron's fiscal 2022 Q3 revenue increased 16% year-over-year to $8.64 billion. The company's earnings shot up 35% over the year-ago period to $2.59 per share last quarter, which was impressive considering the headwinds Micron faced going into its quarterly report. The numbers were better than analysts' expectations, but the guidance was the reason why investors pressed the panic button.

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Source Fool.com