Micron earnings preview: MU results likely add more uncertainty to semiconductor outlook
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The last major tech sector report ahead of the Christmas holiday is set to come in after Wednesday's stock market close when Micron Technology (NASDAQ:MU) is set to deliver its fiscal first-quarter results. 
And by many accounts, the memory chipmaker is on track to give more details about what has been a mostly negative business period. 
Wall Street analysts estimate that Micron (MU) will report a loss of two cents a share, excluding one-time items, on revenue of $4.14B for the quarter. During the same period a year ago, Micron (MU) earned $2.16 a share, excluding one-time items, on revenue of $7.69B.
Micron (MU) itself has set the bar a little low, as in November the company gave a disappointing business outlook for its 2023 fiscal year. Micron (MU) cut its production plans for chip wafers used in both NAND and DRAM memory by 20% compared to its levels in the its fiscal fourth quarter, and also said it also expects to cut spending in various areas across the company.
Goldman Sachs analyst Toshiya Hari said in a recent research report that Micron's (MU) take on its production plans "underscores [the chip] market fluidity [and] lack of market coordination" around cuts in chip wafer production.
"Micron has recently stated at investor conferences that end market demand was still tracking negatively and that management expected that all of [2023] would be weak for the memory industry," Hari said.
Analysts are also expecting Micron's (MU) business to remain under pressure for some time. Earlier this months, Deutsche Bank analyst Sidney Ho cut his rating on Micron's (MU) stock to hold from buy and said that "investor optimism that [Micron's] business will soon reach a cyclical trough now looks premature."