Micron Reports $276 Million Quarterly Loss in New Fiscal Year


At the close of business Thursday, officials at Boise-based Micron reported that the company had lost $275 million in the first quarter of its fiscal year—it's sixth straight quarterly loss.

Total losses over the past six quarters were $1.4 billion.

Micron pointed to declining sales for its recent loses.

Micron stock hit $6.79 per share at the closing bell of the NASDAQ exchange.

In remarks before the City Club of Boise on Aug. 28, Micron CEO Mark Durcan said Micron was proud to call Boise home, but the company is regularly competing in a global economy, with 68 percent of its 2011 revenue coming from Asian markets, 11 percent coming from Europe, and 21 percent generated in the Americas. Durcan said, historically, more than 40 companies have entered the business of memory-chip manufacturing but most have dropped by the wayside, leaving only eight competitors for Micron.

"We've come a long way, but the business landscape isn't any safer," he said.