“It was a tough quarter, but we are seeing good, positive signs for the future,” Sumit Sadana, Micron’s chief business officer, recently told Barron’s.
Ah, April. The crack of the bat. The smell of fresh-cut grass. The frantic search for year-old receipts. And the sound of conference calls ringing in the air. It’s baseball season. It’s tax season. And even better, it’s first-quarter earnings season.
The first quarter of 2023 was a remarkably profitable one for tech investors, helping to turn the corner on a nightmarish 2022. Stocks that were pummeled last year have rebounded with strong gains. The seven tech companies with market values above $500 billion—
(META)—have each rallied at least 20% in 2023, outstripping a 7% gain for the
index. Investors think the Federal Reserve is nearly finished tightening monetary policy—and they anticipate steady and then declining rates. As a result, miserable first-quarter results—and they almost certainly are going to be pretty bad—might not matter.
You could see that dynamic in the recent earnings report from memory-chip producer