LONDON (ShareCast) - (ShareCast News) - US chipmaker Micron Technology registered a loss in the fourth quarter of its fiscal year, although it was not as severe as analysts on Wall Street had estimated.
For the quarter ended 1 September, the company, which makes semiconductors for use in personal computers and so-called 'flash' memory for cellphones and other devices, posted a loss of $170m, or 16 cents per share.

In the same period last year, Micron racked up a profit of $471m, or 42 cents per share.

Quarterly revenues were down by 10.6% to $3.2bn, beating forecasts for sales of $3.15bn.

In adjusted terms the red ink ran to five cents per shares (consensus: $0.12).

Analysts had estimated a loss of around 16 cents per share.

Micron also released its earnings for its fiscal year on Tuesday night.

Full financial year 2016 sales came in at $12.4bn driving a net loss to Micron shareholders of $276m, or 27 cents per diluted share.

Chief executive officer Mark Durcan said the company was hopeful that the improved conditions it was seeing will allow Micron to cope with its current losses.

"We are seeing improving market conditions in terms of both slowing supply growth and improving demand across a number of key segments," said Durcan.

"In addition, we continue to execute on our key initiatives related to the deployment of advanced technologies and products to advantage our customers."

Demand for computer and smartphone components has slowed dramatically in recent times, leading to Micron's revenue declining year-over-year for the last six quarters.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE