SAN FRANCISCOMemory supplier Micron Technology Inc. Tuesday (Dec. 23) reported a net loss of $706 million, or 91 cents per share, on revenue of $1.4 billion for the first quarter of the company's fiscal 2009, which closed Dec. 4.
Results were down on a sequential and year-to-year basis. For the prior quarter, Micron posted a net loss of $344 million, or 45 cents per share, on sales of $1.45 billion. For the year-ago quarter, the company reported a net loss of $262 million, or 34 cents per share, on revenue of $1.5 billion.
The quarterly revenue exceeded consensus analyst expectations of roughly $1.32 billion, but the company's non-GAAP loss of 72 cents per share was significantly deeper than consensus analyst expectations of 45 cents.
Micron said it was reducing its capital spending forecast for the company's fiscal 2009 to between $650 million and $700 million, down from earlier estimates of $1 billion to $1.3 billion. The company initially forecast that it would spend as much as $2 billion in fiscal 2009, but cut that estimate earlier this year. Chairman and CEO Steve Appleton said he doesn't anticipate that Micron will cut capex further because it has already cut everything it could.
Micron (Boise, Idaho) said the results included a non-cash charge of $369 million to cover a write down on inventory, and a benefit of $157 million from sales of products that were subject to previous write downs.
Asked to comment on government bailouts for Micron competitors in Asia and Europe, Appleton noted that Micron operates manufacturing facilities in Taiwan and Singapore and said Micron is exploring how it might participate.
"To the extent that those governments are interested in helping their industries we are interested in understanding how we might participate in that," Appleton said.