Micron Rallies On a Smaller-than-projected Quarterly Loss

Shares of Micron Technology Inc. climbed in Wednesday's extended session after the chip maker turned in a narrower-than-expected loss. Micron reported it swung to a loss of $97 million, or 9 cents a share, in the second quarter from a year-earlier profit of $934 million, or 78 cents a share. On an adjusted basis, the company would have posted a loss of 5 cents a share. Revenue fell 12% to $2.93 billion. Analysts surveyed by FactSet had forecast Micron to report a loss of 9 cents a share on revenue of $3.05 billion. Micron is the last U.S. supplier of dynamic random access memory chips used in personal computers. Shares rose 4.8% in after-hours trading.