Micron Technology Posts Loss for Quarter

Micron Technology Inc., the biggest U.S. maker of computer-memory chips, reported a fiscal fourth-quarter loss as demand sank and average prices for the company’s semiconductors plunged 85% from a year earlier.

The loss from operations was $168.5 million, or 28 cents a share, compared with net income of $726.7 million, or $1.20, a year ago. Sales plunged 79% to $480.3 million.

Micron was expected to report a loss of 34 cents a share for the quarter, the average estimate of analysts polled by Thomson Financial/First Call.

Forecasts of the loss ranged from 25 cents to 45 cents. Because chip prices vary widely during a quarter, it’s hard for analysts to predict the company’s results with precision.

Personal-computer sales have slumped this year as consumers and businesses put off purchases while economic growth slows. That has pushed the price of memory chips down 75% this year, so the devices sell for much less than they cost to make.

Shares of Boise, Idaho-based Micron fell $1.06 to $21.24 in regular trading on the New York Stock Exchange.