Micron Stock Jumps Despite Sales Plunging 53%. Here’s Why.

Micron

Technology shares were higher after the memory chip company posted financial results for its fiscal second quarter ended March 2 that were about in line with expectations, as a weak market for PCs and smartphones continued to weigh on the company’s results. Micron also said that as part of its cost-reduction program, it will reduce staff by about 15%—up from a previous plan to cut heads by 10%.

But there are some promising signs for the memory chip maker.