Micron Shares Plunge After Chip Prices Depress Sales, Profit
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Micron Technology Inc., the largest U.S. maker of computer-memory chips, declined the most in two and a half years after third-quarter sales and profit fell short of analysts’ estimates.
Net income was $75 million, or 7 cents a share, compared with $939 million, or 92 cents, a year earlier. Revenue in the period that ended June 2 fell 6.5 percent to $2.14 billion, Micron said in a statement. Analysts in a Bloomberg survey estimated profit of 18 cents and sales of $2.38 billion.