Japan and South Korea are part of a complex and tightly linked supply chain that produces electronic goods such as smartphones and laptops.Technologyread more
A different oil pricing dynamic has been evolving with new supply calculations based on the U.S. as the world's largest producer.Market Insiderread more
The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Stocks in Asia Pacific were edged up on Tuesday following overnight gains on Wall Street as the earnings season rolls on.Asia Marketsread more
More than half of Venezuela's 23 states lost power on Monday, according to Reuters witnesses and reports on social media, a blackout the government blamed on an...World Politicsread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
The deal between the White House and Democrats was earlier expected to raise the debt ceiling for two years and permanently end the sequester.Politicsread more
Britain's Antstream is jumping into the cloud gaming battle with a streaming platform for retro titles. And Tencent just backed the company.Technologyread more
American comedian Hannibal Buress, who stars in "The Eric Andre Show," has made a recent transition into the world of business as an angel investor — but there's an important...How I Made Itread more
The deal could be announced as soon as next week, according to the report.Technologyread more
President Donald Trump held "constructive" discussions on a range of economic issues including trade and national security issues.Technologyread more
(Adds background, share price, CEO comment)
June 25 (Reuters) - Micron Technology Inc beat analysts' estimates for quarterly revenue and profit on Tuesday, and the chipmaker said it is seeing early signs of demand improvement, sending shares up as much as 7% in extended trading.
Stocks in chipmakers have fallen in the past few months as demand for Apple's iPhones declined and prices for DRAM and NAND memory chips sank due to an oversupply, adding to concerns that a two-year-long semiconductor upswing was coming to a halt.
"While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance," Chief Executive Officer Sanjay Mehrotra said.
To soften the blow from the market glut, Micron reduced its output to prop up prices and has been investing more in its next generation of chips.
The oversupply along with concerns of a slowdown in China, the world's No.2 economy, exacerbated by an escalating trade war with the United States, will continue to squeeze sales and profits of chipmakers.
Net income attributable to Micron fell to $840 million, or 74 cents per share, in the third quarter ended May 30, from $3.82 billion, or $3.10 per share, a year earlier.
Revenue fell to $4.79 billion from $7.80 billion, beating analysts' estimates of $4.69 billion, according to IBES data from Refinitiv.
On an adjusted basis, the company earned $1.05 per share. Analysts were expecting a profit of 79 cents per share. (Reporting by Sayanti Chakraborty in Bengaluru; Editing by Shounak Dasgupta)