Micron Technology, Inc. (NASDAQ:MU) missed analysts estimates and posted lower than expected quarterly results.
Company posted a wider than expected loss and lower than expected revenue due to weak sales of PCs and lower average selling prices.
Micron, maker of DRAM (dynamic random access memory) and other memory technologies is highly dependent on sales of PC, and shrinking demand for PCs is hurting the company’s growth. Sales for the DRAM dropped 9% during the quarter. Company is now looking towards mobile industry and server market so that it can lower its reliance on PC market.
Micron Technology generated revenue of $8.2 billion in fiscal 2012, with a loss of $1 billion.