Micron Falls Even Deeper into Loss
June 25, 2009 by Mark Ellis
Filed under Business
Micron Technology Inc., a company specializing in the production of memory chips, recently posted its 10th straight quarterly loss, but as if the situation was not bad enough, its loss last quarter has grown. The company blames the growing loss on a decrease in sales and a variety of other unfortunate events.
Micron is the last supplier of a certain type of memory chips in the United States, but even then, the company has had massive trouble with oversupply and falling demand. Even drastically cutting the amount of chips it produced did not remedy the problem.
A year ago, Micron posted a loss of $236 million in this quarter, but this year’s losses have grown to $290 million. Although the losses are significant, at around 36 cents per share, analysts expected losses of around 43 cents per share, meaning that Micron outperformed expectations. Still, Micron continues to scale down operating costs in order to maintain profitability.
Memory Chip (Image: Flickr)
