SAN FRANCISCO – Micron Technology Inc. (MU) the world's third largest maker of computer memory chips, Thursday reported its largest quarterly loss in two years as a glut of chips pushed average prices down 30 percent.
Micron shares declined more than 2 percent in after-hours trading on Inet.
The loss in the fiscal third quarter ended June 2 was $127.9 million, or 20 cents a share, compared to a year-earlier profit of $90.9 million, or 13 cents a share. Sales reached $1.05 billion from $1.12 billion in the same period last year.
Analysts, on average, had been expecting results in a range of a loss of 17 cents to a profit of 37 cents, with sales in a range of $1.02 billion to $1.37 billion.
The loss breaks a string of four-consecutive quarterly profits for Micron, and is the largest loss since the fiscal third quarter of 2003.