US chip maker Micron Technology has said that it has made a net loss in Q3. Micron’s losses were blamed on a sudden decline in computer memory chip prices. The company also failed to meet analyst’s EPS and sales expectations for the quarter. Micron’s share value fell 9% following the announcement of its Q3 results.
Micron Technology made a loss of $24 million during Q3. The loss meant that the company made a loss per share of four cents. This figure represents reduction from the loss per share of fifty cents posted during the same quarter last year. Industry analysts had expected Micron to make an EPS of six cents per share. Micron also missed analyst’s expectations on sales. The company was anticipated to generate sales of $911 million in Q3. However, sales only reached $771.2 million.
Micron also announced that it expects to spend somewhere in the region of $1-1.5 billion on capital items during 2003. The company exercised a note of caution by saying that the figure spent would depend on market conditions.