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Spansion Spanked by Falling Chip Prices

Stock quotes in this article: SPSN , INTC , STM , MU  

SAN FRANCISCO -- Spansion(SPSN Quote) suffered a much larger-than-expected loss in the third quarter, as plummeting prices for its flash chips ravaged the company's bottom line.

The company said it killed off its least profitable business in the third quarter and vowed to aggressively cut costs even as it warned that sales in the current quarter will fall short of Wall Street expectations.

The Sunnyvale, Calif., chipmaker posted a net loss of $118.7 million, or 74 cents a share, vs. a net loss of $71.6 million, or 53 cents a share, at this time last year. ...

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