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Technology Shares Sink in Risk-Off Trade -- Tech Roundup

08/09/2022 | 05:11pm EDT

Shares of technology companies sank amid more signs that businesses are hunkering down in preparation for a slowdown.

Microsoft is asking teams across the company to rein in some employee expenses as the software giant tries to control costs in the current economic environment.

Managers at the Redmond, Wash., company have told staff of various cutbacks to the company's budget, said people familiar with its plans. Some spending on business travel, outside training and company gatherings is being targeted, said the people.

Micron Technology said revenue could slide lower than previously expected in the current quarter as demand for computer memory chips continues to weaken.

The company said in a regulatory filing that expectations for industry bit-demand growth for dynamic random-access memory chips and NAND flash memory chips have softened since it last provided guidance. It expects challenging conditions for the next two quarters.

The U.S. brought administrative charges against China's largest wire and cable manufacturer, saying it had violated U.S. export controls by helping telecommunication company ZTE Corp. deliver restricted technology to Iran.

A $600 million debt deal that Goldman Sachs and JPMorgan Chase recently arranged for Avaya Holdings went bad within weeks after the cloud-communications company cut its earnings forecast by more than 60% and announced it was removing its chief executive.

AppLovin proposed an unsolicited merger with Unity Software, a pact that would unite two large providers of tools for mobile-game developers.


Write to Amy Pessetto at amy.pessetto@dowjones.com

(END) Dow Jones Newswires

08-09-22 1710ET

Stocks mentioned in the article
ChangeLast1st jan.
APPLOVIN CORPORATION -6.43% 19.22 Delayed Quote.-78.21%
AVAYA HOLDINGS CORP. -11.59% 1.22 Delayed Quote.-93.03%
MICRON TECHNOLOGY, INC. -2.93% 52.91 Delayed Quote.-41.36%
MICROSOFT CORPORATION -5.09% 234.24 Delayed Quote.-25.90%
UNITY SOFTWARE INC. -8.59% 32.77 Delayed Quote.-74.93%
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