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.
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