Earnings Results: Micron reports largest loss on record as memory-chip market melts down, but stock gains as execs say inventory issues have peaked

Micron Technology Inc. reported its largest quarterly loss on record due to an inventory write-down of more than $1.4 billion on Tuesday, but shares held up as executives suggested the memory market may be reaching a bottom.

“We now believe that customer inventories have reduced in several end markets, and we see gradually improving supply-demand balance in the months ahead,” Chief Executive Sanjay Mehrotra said in prepared remarks. “Excluding the impact of inventory write-downs, we believe our balance-sheet days of inventory…