Micron Technology Inc. on April 2 reported a second-quarter loss of $777 million, or $1.01 per share, compared to a loss of $52 million in the year-earlier quarter.
Revenue totaled $1.36 billion, down from $1.43 billion a year earlier.
Micron’s second-quarter loss was 41 cents per share excluding one-time items.
Analysts polled by Thomson Financial expected a loss of 36 cents per share, excluding one-time items, on $1.41 billion in revenue.
Quarterly results reflected a $463 million write-down in the value of Micron’s key memory chip business, due to plunging memory chip prices, the Associated Press reported. The write-down was required under a federal corporate accounting standard because Micron’s market capitalization dropped below book value, Micron said in a release. The write-down does not affect day-to-day business operations, cash balance or competitive position, the company said.
Average selling prices for Micron’s Dynamic Random Access and NAND Flash memory products dropped 60 percent and 70 percent, respectively, from the year-ago quarter, Micron said.
In the current fiscal year, the company achieved cost reductions per megabit of memory of 15 percent for DRAM and 25 percent for NAND Flash, respectively, from the first quarter to the second quarter.
Micron reported capital expenditures of $693 million for the second quarter, which ended Feb. 28.
Micron stock on April 2 closed at $6.39, up 39 cents for the day. The one-year range is $5.42 to $14.20.
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