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    AAPL   US0378331005

APPLE INC.

(AAPL)
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Real-time Estimate Cboe BZX  -  07:59 2022-11-28 pm EST
144.82 USD   +0.42%
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Micron forecasts first-quarter revenue below estimates as demand worsens

09/29/2022 | 04:17pm EST
FILE PHOTO: The logo of U.S. memory chip maker MicronTechnology is pictured at their booth at an industrial fair in Frankfurt

(Reuters) - 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.

Shares of the Boise, Idaho-based company, which have roughly declined 45% so far this year on fears of a further slowdown in demand for semiconductors, fell 2.4% in extended trading.

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.

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.

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% to 18% drop in DRAM chips pricing, which makes over 70% of Micron's revenue, while also forecasting a 15% to 20% drop in NAND memory pricing for the last three months of 2022.

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.

Adjusted revenue for the quarter ended Sept. 1 was $6.64 billion. Analysts on average expected revenue to be $6.68 billion.

(Reporting by Chavi Mehta in Bengaluru and Jane Lanhee Lee; Editing by Krishna Chandra Eluri)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -2.63% 144.22 Delayed Quote.-16.59%
MICRON TECHNOLOGY, INC. -4.55% 55.75 Delayed Quote.-40.15%
SEAGATE TECHNOLOGY HOLDINGS PLC -4.37% 52.31 Delayed Quote.-53.70%
WESTERN DIGITAL -3.29% 36.11 Delayed Quote.-42.74%
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Analyst Recommendations on APPLE INC.
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Financials (USD)
Sales 2023 407 B - -
Net income 2023 98 287 M - -
Net cash 2023 60 983 M - -
P/E ratio 2023 23,1x
Yield 2023 0,67%
Capitalization 2 294 B 2 294 B -
EV / Sales 2023 5,48x
EV / Sales 2024 5,16x
Nbr of Employees 164 000
Free-Float 99,9%
Chart APPLE INC.
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Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 45
Last Close Price 144,22 $
Average target price 174,33 $
Spread / Average Target 20,9%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
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