Micron Technology 3Q loss widens on lower prices

Chip maker Micron Technology Inc. said Thursday its fiscal third-quarter loss widened as cost reductions in NAND Flash production brought down sales prices.

For the three months ended June 4, the company posted a loss of $290 million, or 36 cents per share, compared with a loss of $236 million, or 30 cents per share, in the same period a year earlier. Revenue fell 26 percent to $1.1 billion from $1.5 billion.

Analysts, on average, were expecting a loss of 43 cents per share on sales of $1.18 billion, according to a poll by Thomson Reuters.

Micron's shares fell 20 cents, or 3.8 percent, to $5.10 in after-hours trading after rising 16 cents, or 3.1 percent, to close at $5.30 during the regular trading session.