Micron Technology Inc. (NYSE: MU) swung to a quarterly loss of $225 million after the bell on Thursday after the memory maker saw price drops across its product line.
The memory makerâ€™s third quarter loss was $225 million, or 29 cents a share, down from a profit of $88 million, or 12 cents, a year earlier. Sales fell 1.4 percent to $1.29 billion in the period ended May 31.
Analysts surveyed by Thomson Financial had, on average forecast Micron to lose 24 cents a share on $1.26 billion in sales.
Micron's vice president of sales said that oversupply in the memory chip market contributed to the sagging results. The price of NAND flash chips, the companyâ€™s staple, fell 30 percent in the third quarter as well.
This has clearly been a challenging quarter to say the least, he said in a conference call following the quarterly announcement.
Boise, Idaho-based Micron did not make a forecast for the next fiscal quarter, but analysts estimate a loss of 11 cents a share on $1.39 billion in revenue.
Shares rose 12 cents, or 0.97 percent, to close at $12.53 on the New York Stock Exchange.