BOISE, Idaho – Micron Technology Inc. (MU), the No. 2 maker of computer memory chips, Tuesday reported a wider fiscal first-quarter net loss, saying the average selling prices for its products dropped about 12 percent sequentially.
Micron posted a first-quarter net loss of $316 million, or 52 cents per share, compared with a net loss of $266 million, or 44 cents a share, a year earlier.
Revenue for the quarter was $685 million, up from $424 million a year earlier, according to the Boise, Idaho-based company.
Analysts polled by Thomson First Call were predicting, on average, that Micron would post a first-quarter net loss of 23 cents a share on revenue of $809.4 million.
Inventory write-downs were primarily attributable to SRAM (static random access memory) and flash products and Synchronous DRAM (dynamic random access memory) products, the company said in a statement.
The write-down of SRAM and flash products was necessitated by the continued downturn in the telecommunications and networking markets, Micron said.
Micron had $873 million in cash and marketable securities at the end of the quarter, the company said.
Shares of Micron closed at $13.28, down about 1.5 percent, or 21 cents, on the Nasdaq stock exchange.