Micron Technology posts fiscal 2Q loss

Micron Tech reports 2nd quarter loss, revenue rises and beats Wall Street expectations

Associated Press

BOISE, Idaho (AP) -- Chipmaker Micron Technology Inc. on Thursday posted a loss in its fiscal second quarter as sales improved.

The company lost $286 million, or 28 cents per share, over the three months ended Feb. 28. A year ago Micron took a loss of $282 million, or 29 cents per share. Revenue grew 3 percent, to $2.08 billion.

Analysts expected a loss of 20 cents per share and $1.92 billion in revenue, according to FactSet.

Micron said sales of some key products improved compared to the fiscal first quarter. Sales of DRAM products, or dynamic random access memory, used mostly in personal computers, rose 24 percent from the first quarter. Sales of NAND flash chips, used in digital devices and smartphones, rose by 8 percent. Micron also reported lower manufacturing costs and better profit margins compared to the previous quarter.

Micron Technology shares fell 2.6 percent to close at $9.07. The stock rose 36 cents, or 4 percent, to $9.43 in after-hours trading.

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