Micron Technologies widens 4Q loss
BOISE, Idaho (AP) — Memory chip maker Micron Technology Inc. widened its fiscal fourth-quarter loss as lower prices took their toll.
The company on Thursday reported a loss of $243 million, or 24 cents per share, for the quarter that ended Aug. 30. That's compared with a loss of $135 million, or 14 cents per share, in the fourth quarter of last year.
Micron's revenue slipped to $1.96 billion from $2.14 billion.
The quarter missed analyst expectations. Analysts polled by FactSet were expecting the company would post a loss of 23 cents per share on revenue of $2.12 billion.
Micron management still remained upbeat. Micron has acquired a number of companies recently, including memory chip maker Elpida Memory Inc. and a stake in Rexchip Electronics Corp. Both deals are expected to close in the first half of 2013.
"Despite difficult market conditions and lower average selling prices, we continued to execute on our technology and manufacturing roadmaps and moved our products increasingly into premium segments," CEO Mark Durcan said in a statement about the fiscal year.
The company posted a loss of $1.03 billion, or $1.04 per share, for the full fiscal year compared with net income of $167 million, or 17 cents per share, in fiscal 2011. Its annual revenue fell to $8.23 billion from $8.79 billion.
Durcan said the company's focus for 2013 is to make further cost reductions and advance its products.
Shares of the Boise, Idaho-based company rose 2 cents to $6.03 in after-hours trading following the release of the earnings report.