Micron falls after increasing operating expense outlook

Shares of Micron Technology are falling after the company this morning updated its fiscal Q1 outlook. Micron raised its outlook for operating expenses to $990M from around $900M while also upping its revenue outlook. “As a result of improved supply and demand balance and improved pricing, the Company today announced that it expects revenue will approach $4.7 billion and non-GAAP gross margins will approach breakeven for the first quarter of fiscal 2024,” Micron said in a statement. Shares of Micron are down 3% to $75.42 in midday trading.