• Do you need reliable, experienced,
  • and skilled accounting services?
  • Contact us today!
 
Personal and business accounting may seem like something you can manage on your own, but often, utilizing the experience of an accounting professional can be helpful in avoiding costly mistakes. Read More »
Home  >  Austin business accounting  >  Micron Q3 Profits Drop 92%, Shares Plunge

Micron Q3 Profits Drop 92%, Shares Plunge

Posted on Friday, June 24th, 2011 at 3:28 pm.

Memory chip manufacturer Micron Technology posted a huge drop in its third quarter net earnings Thursday.

For the three months ending June 2, Micron Technology posted net income of $75 million ($0.072 per share), a 92 percent decline compared to $939 million ($0.92 per share) posted in the year-ago period. Analysts had estimated Micron sales of $2.36 billion, (earnings of $0.16 per share). The company said operating income included a $74 million tax charge on the sale of a wafer fabrication plant in Japan.

Micron’s weak results caused the company’s stock on Nasdaq to fall over 10 percent in pre-market trading to $7.58 per share.

Micron sales for the quarter were $2.14 billion, down 5.3 percent from $2.26 billion in the second quarter and 6.6 percent from $2.29 billion in 2010. The company’s DRAM chip segment saw a 7 percent drop from the second quarter. Sales of Micron’s NAND Flash memory card dropped 5 percent from the previous quarter.

If you need assistance with finances, please contact the Austin personal bookkeeping experts of Austin Accountants.