Micron Shares Fall 30% From High as Memory Chips Enter Bear Market Despite Record Results

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Micron Technology shares are trading about 30% below their 52-week high of $1,255 after memory stocks dragged the chip sector into a bear market, erasing more than $400 billion of Micron's market value. The sell-off comes even as the company reported fiscal third-quarter revenue that more than quadrupled year over year to $41.5 billion, with adjusted gross margin reaching 84.9% and adjusted earnings per share of $25.11. Management guided for about $50 billion in revenue and an 86% gross margin in the current quarter. The decline reflects investor fears that record memory margins are unsustainable in a historically cyclical industry, with the stock now trading at roughly 20 times earnings and about 7 times annualized earnings implied by its own guidance.

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