Micron Sees More Red Ink

Micron(MU Quote - Cramer on MU - Stock Picks) posted its sixth consecutive quarterly loss Thursday, as the chipmaker continues to feel the effects of falling memory prices.

Boise, Idaho-based Micron said it lost $236 million in its fiscal third quarter, or 30 cents a share, worse than the average analyst expectation of a 28 cents a share loss.

At this time last year, Micron recorded a $225 million net loss, or 29 cents a share.

Micron said sales in the three months ended May 29 totaled totaled $1.5 billion, exceeding the $1.47 billion expected by Wall Street analysts. At this time last year, Micron had sales of $1.29 billion.

Shares of Micron 11 cents, or 1.57%, to $6.88 in after-hours trading.

The company did not provide a forecast for the current quarter, although it was scheduled to host a conference call with analysts later Thursday.