BOISE, Idaho — Micron Technology Inc. shares fell the most in five years as the biggest U.S. maker of memory chips issued a sales forecast that missed analysts’ estimates on weaker demand for personal-computer components.
Revenue for the fiscal fourth-quarter will be $3.45 billion to $3.7 billion, the Boise, Idaho-based company stated after the close Thursday in a presentation on its website.
Analysts on average had projected sales of $4.16 billion for the period through August, according to data compiled by Bloomberg.
Micron shares fell 18 percent to close at $19.66 on Friday in New York, marking the sharpest single-day drop since December 2008. The decline left the stock down 44 percent this year.