Chipmaker Micron Technology Inc. (NASDAQ: MU) reported a loss for the third quarter of 2023, compared to a profit last year. The bottom line was negatively impacted by a sharp fall in revenues.
The company reported an adjusted loss per share of $1.43 for the May quarter, compared to earnings of $2.59 per share in the corresponding period of fiscal 2022. On an unadjusted basis, the net loss was $1.90 billion or $1.73 per share in Q3, compared to a net income of $2.63 billion or $2.34 per share in the prior-year quarter.
The weak bottom line performance reflects a 57% fall in net revenues to $3.75 billion. All the main operating segments contracted during the three-month period.