SAN FRANCISCO (Reuters) - Memory chip maker Micron Technology Inc on Tuesday posted a wider quarterly loss, worse than Wall Street predicted, as average selling prices for its memory products declined.
For the fiscal first-quarter ended December 4, the company said its net loss widened to $706 million, or 91 cents a share, compared with a loss of $262 million, or 34 cents a share, a year ago.
Excluding certain items, Micron lost $560 million, or 72 cents a share, compared with a loss of 43 cents a share expected by Wall Street, according to Reuters Estimates.
The company's revenue fell 8.7 percent to $1.402 billion, but it was better than the average analyst estimate of $1.33 billion.
The company makes DRAM, used as memory in computers, and flash memory, known as NAND, which is used in cameras and phones and holds its memory even without power.
"Average selling prices for the company's memory products decreased 34 percent and 24 percent for DRAM and NAND Flash products, respectively," the company said.
Micron's business is being hurt by excess capacity and falling demand. In October, the company said it would cut 15 percent of its workforce and slash production of NAND flash memory amid a weakening world economy.
(Reporting by David Lawsky; Editing by Bernard Orr)
