Micron posts quarterly revenue above expectations

Reuters News
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Posted: Mar 22, 2012 4:24 PM

SAN FRANCISCO (Reuters) - Micron Technology <MU.O> posted quarterly revenue above expectations as lower prices for DRAM and NAND chips were offset by higher sales volumes.

The top U.S. memory manufacturer said revenue in its fiscal second quarter, ended March 1, was $2.07 billion, compared with $2.26 billion in the year-ago quarter. Analysts on average expected $2.02 billion, according to Thomson Reuters I/B/E/S.

Micron reported a net loss of $224 million, or 23 cents per share, in the quarter versus net profit of $72 million, or 7 cents per share, in the same quarter last year.

Shares of Micron were stable in extended trade after closing 0.34 percent lower at $8.71 on Nasdaq.

(Reporting By Noel Randewich; Editing by Gary Hill)