Micron Technology Inc. (NASDAQ: MU) slipped to a loss in the second quarter of 2023 from a profit last year, hurt by a sharp fall in revenues.
The chipmaker reported a loss of $1.91 per share for the February quarter, on an adjusted basis, marking a deterioration from the prior-year period when it earned $2.14 per share. On an unadjusted basis, the second-quarter net loss was $2.31 billion or $2.12 per share, compared to a net income of $2.26 billion or $2.00 per share in the prior-year quarter.
The weak bottom line performance reflects a 53% fall in net revenues to $3.69 billion. All the main operating segments contracted during the three-month period.