<p>Memory chipmaker Micron Technology forecast first-quarter revenue below Wall Street estimates on Thursday as demand from its key end markets including PCs and smartphones worsen amid rising worries about an economic downturn.</p>.<p>Shares of the Boise, Idaho-based company, which have roughly declined 45 per cent so far this year on fears of a further slowdown in demand for semiconductors, fell 2.4 per cent in extended trading.</p>.<p>Following its results for the third quarter ended June 2, Micron sounded a warning bell for the entire semiconductor industry: indicating a demand downturn and signaling over supply of memory chips.</p>.<p>Since then, the situation has only worsened with the weakness seeping from consumer electronics to end markets such as data centers and cloud as a global economic slowdown caused by red-hot inflation, rising interest rates, geopolitical tensions and Covid-19 lockdowns in China has led businesses and consumers alike to rein in expenses.</p>.<p>Spiraling demand had led to inventory build ups, which in turn has forced companies to drive down the prices of chips. Research firm TrendForce forecast a 13 per cent to 18 per cent drop in DRAM chips pricing, which makes over 70 per cent of Micron's revenue, while also forecasting a 15 per cent to 20 per cent drop in NAND memory pricing for the last three months of 2022.</p>.<p>The company forecast adjusted current-quarter revenue to be $4.25 billion, plus or minus $250 million. Analysts on average expected revenue to be $5.62 billion, according Refinitiv data.</p>.<p>Adjusted revenue for the quarter ended Sept. 1 was $6.64 billion. Analysts on average expected revenue to be $6.68 billion.</p>
<p>Memory chipmaker Micron Technology forecast first-quarter revenue below Wall Street estimates on Thursday as demand from its key end markets including PCs and smartphones worsen amid rising worries about an economic downturn.</p>.<p>Shares of the Boise, Idaho-based company, which have roughly declined 45 per cent so far this year on fears of a further slowdown in demand for semiconductors, fell 2.4 per cent in extended trading.</p>.<p>Following its results for the third quarter ended June 2, Micron sounded a warning bell for the entire semiconductor industry: indicating a demand downturn and signaling over supply of memory chips.</p>.<p>Since then, the situation has only worsened with the weakness seeping from consumer electronics to end markets such as data centers and cloud as a global economic slowdown caused by red-hot inflation, rising interest rates, geopolitical tensions and Covid-19 lockdowns in China has led businesses and consumers alike to rein in expenses.</p>.<p>Spiraling demand had led to inventory build ups, which in turn has forced companies to drive down the prices of chips. Research firm TrendForce forecast a 13 per cent to 18 per cent drop in DRAM chips pricing, which makes over 70 per cent of Micron's revenue, while also forecasting a 15 per cent to 20 per cent drop in NAND memory pricing for the last three months of 2022.</p>.<p>The company forecast adjusted current-quarter revenue to be $4.25 billion, plus or minus $250 million. Analysts on average expected revenue to be $5.62 billion, according Refinitiv data.</p>.<p>Adjusted revenue for the quarter ended Sept. 1 was $6.64 billion. Analysts on average expected revenue to be $6.68 billion.</p>