The top U.S. memory manufacturer said on Thursday revenue in its fiscal second quarter, ended March 1, was $2.07 billion, compared with $2.26 billion in the year-ago quarter. Analysts on average expected $2.02 billion, according to Thomson Reuters I/B/E/S.
In its first earnings report since Chief Executive and Chairman Steve Appleton died in a small-plane crash in February, Micron said that compared with the first quarter, it sold 20 percent more NAND and DRAM chips by volume. But it said that increase was offset by lower average selling prices.
Micron said gross margin fell to 13 percent from 15 percent in the prior quarter due to pressure in its NOR flash sales in the wireless market.
We're expecting on the (analyst) call that they're going to give a positive outlook for the NAND and DRAM. We think that's what investors will mostly be focused on, said Kevin Cassidy, an analyst at Stifel Nicolaus.
The slide into bankruptcy of Japanese DRAM chipmaker Elpida in February has created an opening for Micron and other semiconductor companies to vie for its market share and grab its assets.
Micron reported a net loss of $224 million, or 23 cents per share, in the quarter, versus a net profit of $72 million, or 7 cents per share, in the same quarter last year. Analysts expected a loss of 19 cents.
Shares of Micron dipped 0.6 percent in extended trade after closing 0.34 percent lower at $8.71 on the Nasdaq.
(Reporting By Noel Randewich; Editing by Gary Hill and Steve Orlofsky)