Eighth straight loss
Micron Technology posted its eighth-straight loss as the price of memory plummeted faster than a base jumping elephant team.
The U.S. company posted a net loss of $706 million, on net sales of $1.4 billion. The sales figures are down 8.7 percent. The 2009 fiscal first quarter results include a $369 million write-down of memory chips.
Micron is the largest U.S. manufacturer of memory chips, and it saw steep drops in the average selling prices for its DRAM and NAND Flash memory products. Sales of memory products fell 4 percent from the previous dismal quarter due to "significant decreases in market selling prices for the company's products," Micron said.
Micron Chief Executive Officer Steve Appleton said that most memory chip companies have announced drops in profit of about 20-30 percent.
