Micron sees first-quarter operating expenses above forecast, shares fall

FILE PHOTO: Micron Technology's logo is seen on the U.S. chipmaker's offices in Shanghai, China, May 25, 2023. REUTERS/Aly Song/File Photo

(Reuters) -Micron Technology expects first-quarter operating expenses to be higher than its prior estimates, sending the memory chipmaker's shares down 3%, even as the company projected revenue to trend towards the upper-limit of its forecast.

The company on Tuesday estimated adjusted operating expenses of about $990 million in the quarter ending Nov. 30, higher that its prior expectation of $900 million, plus or minus $15 million.