Micron: Another Rough Quarter; Cuts Exec Pay By 20 Percent
Micron (MU) posted worse-than-expected results this afternoon for its fiscal fourth quarter ended Aug. 28.
The memory chip company posted revenue of $1.45 billion, below the Street consensus at $1.54 billion. The company lost $344 million in the quarter, including a $205 million write-down of inventory and work in progress, offset by a gain of $70 million for price adjustments for NAND products purchased from other suppliers in prior periods. Before those items, the company lost $209 million, or 27 cents a share; the Street had expected a loss of 23 cents a share.