BOISE, Idaho--Micron Technology Inc. today reported a net loss of $266 million in the company's fiscal first quarter, ended Nov. 29, on net sales of $424 million. Revenues sequentially drop 11.7% from $480 million in the prior fiscal quarter, when Micron posted a net loss of $576 million.
Earlier today, the Boise-based memory maker announced it was acquiring Toshiba Corp.'s commodity DRAM business, including a wafer fab in Virginia. Toshiba decided to sell the plant to Micron in a move to exit commodity DRAMs (see today's story).
Micron said its average selling prices for semiconductor memories declined 24% in the fiscal first quarter, compared to the preceding three-month period. Compared to the quarter last year, average selling prices dropped 88%.
Megabit shipments by Micron increased 20% in the fiscal first quarter from the prior quarter and 130% from the same period last year, according to the company. Megabit inventories in work-in-process and finished goods declined 20% at the end of the fiscal first quarter, compared to their levels at the end of the prior period.
Micron said it finished the fiscal first quarter with cash and liquid investments of $1.7 billion.