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MU Micron CDR

23.58
0.95 (4.20%)
13 Dec 2024 - Closed
Realtime Data
Name Symbol Market Type
Micron CDR NEO:MU NEO Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.95 4.20% 23.58 23.00 23.75 23.70 23.01 23.11 170,929 22:30:01

Micron Tech 3Q Loss Widens On Lower Sales, Write-Down

25/06/2009 10:05pm

Dow Jones News


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Micron Technology Inc.'s (MU) fiscal third-quarter loss widened on lower sales and a write-down on the value of its imaging unit, but its gross margin turned positive after three negative quarters as the cost of producing chips fell below their selling price.

The loss was the 10th consecutive quarterly loss for the memory-chip maker.

Micron, the last U.S. maker of dynamic random-access memory, or DRAM, chips has suffered from three years of oversupply. Cuts in manufacturing capacity across the sector have helped to stabilize prices, but demand remains depressed.

For the quarter ended June 4, Micron reported a loss of $290 million, or 36 cents a share, compared with a year-earlier loss of $236 million, or 30 cents a share. The latest results included a $53 million write-down on the value of its imaging unit, which it plans to spin off this quarter. The amount represents Micron's expected loss on the sale.

Revenue dropped 26% to $1.1 billion.

Analysts' estimates were for a loss of 43 cents a share on revenue of $1.18 billion, according to a poll by Thomson Reuters.

Micron's gross margin rose to 9.7% from 3.2% on lower manufacturing costs.

Revenue from DRAM chip sales grew 14% sequentially because of an increase in sales volumes. Revenue from NAND flash-memory chip sales was flat sequentially while the sales volume climbed 20%. The average selling price increased for all customers except Intel Corp. (INTC), Micron's joint venture partner. The price to Intel was lower because of cost reductions in NAND production.

NAND chips are widely used in consumer electronics, such as MP3 players and digital cameras, while DRAM chips are mostly used in personal computers.

Meanwhile, memory-chip production climbed significantly from the second quarter and sales in Micron's imaging unit jumped 53% sequentially.

Credit Suisse on Wednesday raised its earnings and revenue projections for Micron, saying it will benefit from the release of Microsoft Corp.'s (MSFT) Windows 7 this fall as consumers and businesses upgrade their hardware. Micron also is expected to see higher sales during the back-to-school shopping season.

Micron's shares closed at $5.30, up 3.1%, and was halted during after-hours trading. The stock has lost a third of its value in the past year but has more than tripled from its 18-year low of $1.59 in November.

-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; Kathy.Shwiff@dowjones.com

 
 

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