Micron expects first-quarter gross margin to approach breakeven

(Reuters) -Memory chipmaker Micron Technology said on Tuesday it expects its first-quarter adjusted gross margin to approach breakeven due to improved supply and demand balance.

The company expects current-quarter adjusted loss per share to be about $1. It had previously forecast loss of $1.07 per share, plus or minus 7 cents.

Micron said it now expects revenue in the quarter ended Nov. 30 to approach $4.7 billion, compared with its previous estimate of $4.4 billion, plus or minus $200 million.

However, Micron expects adjusting operating expenses of $990 million in that period, higher that its prior expectation of $900 million, plus or minus $15 million.

Shares of the company fell 4% in premarket trading.

CEO Sanjay Mehrotra and finance chief Mark Murphy will share further updates in a fireside chat at the 2023 UBS Global Technology Conference on Tuesday, Micron said.

(Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra Eluri)