Micron Misses Estimates

A huge writeoff crushes the bottom line.
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Micron Tech's (MU) - Get Report second-quarter loss widened, missing analysts' estimates, as lower flash memory prices hit the chipmaker's sales.

The Boise, Idaho, company said Wednesday that it lost $777 million, or $1.01 a share, for the quarter ended Feb. 28, largely due to a $463 million writeoff of goodwill in the company's memory segment.

A year ago, Micron lost $52 million, or 7 cents a share.

Excluding items, the company lost 41 cents a share, in the latest quarter, missing Wall Street's expectations of a 36-cent loss.

Sales fell to $1.36 billion from $1.43 billion.

Compared to a year earlier, average selling prices for the company's DRAM and NAND flash memory products decreased approximately 60% and 70%, respectively, Micron said.

Shares of Micron were up 2 cents in recent after-hours trading to $6.41.

This article was written by a staff member of TheStreet.com.