Micron 2Q loss larger than expected
BOISE, Idaho—Memory chip maker Micron Technology Inc., which was rocked in February by the death of its CEO in a plane crash, on Thursday posted a $224 million net loss in the second quarter as sales fell.
Boise-based Micron's net loss in the three months to March 1 came to 23 cents per share, reversing a profit of $72 million, or 7 cents per share, a year ago.
That was a larger loss than the 19 cents per share net loss expected by analysts polled by FactSet.
Revenue fell 8 percent to $2.07 billion, which beat expectations for revenue of $2.02 billion.
Micron's shares fell 21 cents, or 2.4 percent, to $8.50 in after-hours trading following the earnings release. They closed down 3 cents at $8.71 in the regular trading session Thursday.
In early February, then-CEO Steve Appleton died when an experimental plane he was piloting crashed after taking off from Boise's airport.
Mark Durcan, formerly Micron's president and chief operating officer, was appointed CEO following Appleton's death.