Wednesday, December 18, 2002
Micron Technology on Tuesday reported a wider fiscal first-quarter net loss, citing the average selling prices for its products dropped about 12 percent from the prior quarter.
Micron posted a fiscal first-quarter net loss of $316 million, or 52 cents per share, compared with a 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.
Micron's loss was deeper than Wall Street had expected. One analyst forecast that the company was at least a year from returning to profitability as the overall chip industry still weak.
Micron wrote down $91 million in inventory, the company said in a statement. Micron had $873 million in cash and marketable securities at the end of the quarter.
By: DocMemory
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