Micron Tech swings to loss on weaker memory chip prices

Discussion in 'Stocks' started by ASusilovic, Oct 2, 2007.

  1. Micron Technology Inc. late Tuesday said it swung to a quarterly net loss from a year ago as it continued to be dragged down by prices declines for its memory chips used in PCs and consumer electronics. Micron reported a fiscal fourth quarter loss of $158 million, or 21 cents a share. The results included a $20 million write down of some of its memory chips. In the same period last year, the Boise, Idaho-based company reported net income of $64 million, or 8 cents share. For the three months ended Aug. 30, Micron reported sales of $1.4 billion vs. $1.37 billion a year ago. The company said prices for its DRAM memory and NAND flash chips both fell 15% in the quarter. The results were in line with Wall Street's expectations. Analysts polled by Thomson Financial estimated Micron would post a loss of 22 cents a share on revenue of $1.4 billion. Micron shares fell 1.6% to $11.60 in after hours trading.