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Micron cuts 4Q losses
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October 4, 1999: 6:19 p.m. ET
Memory chip maker loss is less than half of Wall Street estimates
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NEW YORK (CNNfn) - Micron Technology Inc. on Monday reported a fourth-quarter loss that was much narrower than Wall Street had anticipated as sales from its semiconductor operations jumped 118 percent.
The Boise, Idaho-based firm posted a loss of $17.4 million, or 7 cents a share, on $1.1 billion in revenue. Analysts polled by First Call expected Micron (MU) to record a loss of 18 cents a share in the quarter.
The company announced its earnings results after the close of trading.
Micron cut its losses from the year-ago quarter, when it lost $93.3 million, or 43 cents a share, on $692.1 million in revenue.
Micron shares rose 4-7/8 to close at 76-3/8 prior to the announcement. Its stock rose to 77 in after-hours trade.
The company attributed its losses to declining average selling prices of its semiconductor memory products. Micron added, however, that average selling prices increased significantly in late August and September.
"Although we cannot determine if recent memory price increases will be sustained, current market conditions are encouraging," said Steve Appleton, Micron chairman and chief executive officer.
For the fiscal year 1999, Micron lost $68.9 million, or 26 cents a share, on $3.8 billion in revenue, compared with 1998 losses of $247.1 million, or $1.15 a share, on $3 billion in revenue.
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Micron
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