NEW YORK—Chip maker Micron Technology Inc. said Wednesday its fiscal second-quarter loss soared as plunging memory chip prices forced a $463 million writedown in the value of its key memory chip business.
In the quarter ended Feb. 28, Micron recorded a loss of $777 million, or $1.01 per share, compared with a loss of $52 million, or 7 cents per share, in the year-ago quarter.
Sales fell 4.9 percent to $1.36 billion from $1.43 billion.
Excluding one-time items, the company posted a loss of 41 cents per share.
Analysts polled by Thomson Financial expected a loss of 36 cents per share on sales of $1.41 billion. Analyst estimates typically exclude one-time items.
Micron and other memory chip makers have suffered from a massive oversupply in the sector over the last year.
Micron shares rose 39 cents, or 6.5 percent, to close at $6.39. In aftermarket activity, they added another 11 cents to $6.50.
