Micron Technology (NASDAQ:MU) reported its Q2 earnings results, which came in below the Street estimates due to weak demand in the PC and cloud markets. The company reported a loss of $1.91 per share on revenue of $3.69 billion, compared to the Street estimates of a loss of $0.66 per share on revenue of $3.74 billion.

The overall market has been tough for chipmakers like Micron, with weak demand in various end markets and elevated inventories. However, the company expects gradual improvements to the industry's supply-demand balance as customer inventories improve.

Looking ahead to the fiscal Q3, the company anticipates a loss in the range of $1.51 to $1.65 on revenue of $3.7 billion, compared to the Street estimates of a loss of $0.92 on revenue of $3.8 billion.