Micron Slips Following Mixed Results
NEW YORK (TheStreet) -- Shares of Micron Technology(MU) fell in late trades on Thursday after the chip maker posted mixed results for its fiscal second quarter.
The Boise, Idaho-based reported a loss of 23 cents per share on revenue of $2.07 billion for the three months ended March 1.
Analysts polled by Thomson Reuters were looking for a loss of 19 cents per share on $2.02 billion in revenue. The top-line performance is down nearly 10% year-over-year as Micron reported $2.3 billion in sales during the fiscal second quarter of 2011.
The company said that sales of its NAND Flash products and DRAM products were slightly higher in the second quarter than they were in the first quarter as volumes rose approximately 20%.
In its press release, Micron said its consolidated gross margin fell 200 basis points quarter-over-quarter, to 13%, as declines in NOR Flash products hurt overall profitability. The company ended the quarter with $2.1 billion in cash and short-term investments.
Micron plans to hold a conference call at 5:30 MDT to discuss the results.
Shares slipped during the regular session, off 0.34% to $8.71. In extended trading, the stock was off another 1.5% to $8.61 according to Nasdaq.com.
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--Written by Chris Ciaccia in New York
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