Micron posts wider net loss

Dec. 18, 2002 – Boise, ID – Micron Technology Inc. reported a wider fiscal first quarter net loss on Tuesday, saying the average selling prices for its products dropped about 12% from the prior quarter, according to Reuters.

The company posted a fiscal first-quarter net loss of $316 million, or 52 cents per share, compared with a loss of $266 million, or 44 cents a share a year earlier. Revenue for the quarter was $685 million up from $424 million a year earlier.

Micron wrote down $91 million in inventory, primarily attributable to SRAM and flash products and synchronous DRAM products, the company said in a statement. It had $873 million in cash and marketable securities at the end of the quarter.

Shares of Micron closed at $13.28, down about 1.5%, or $0.21, before the quarterly results were released.


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