Shares in US memory chipmaker Micron Technology fell 11 per cent in after-hours trading on Wednesday as the company gave underwhelming guidance for the current quarter. Micron, which is a key supplier of memory chips to the likes of Nvidia, said it ...

Micron Technology forecast quarterly revenue and profit below Wall Street estimates on Wednesday, sending shares lower as weak demand for consumer-centric products such as personal computers and smartphones impacts the chipmaker's business.

Memory-chip maker swung to a profit and posted higher revenue in its fiscal first quarter, though shares fell after the company’s outlook missed estimates.

Micron Technology issued a revenue outlook that came in below analysts’ expectations, sending shares lower in extended trading Wednesday.

Micron Technology forecast second-quarter revenue and profit below Wall Street estimates on Wednesday, as weakened prices of memory chips used in handsets and PCs weigh on earnings, sending its shares down 13.

That explains why Micron is also forecasting earnings of just $1.33 to $1.53 per share for the second quarter, well below the $1.91 analyst view. In addition, the company is looking at a 38.5% adjusted gross margin, down a percentage point on a sequential basis.