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Chipmaker Micron to cut jobs, reports drop in third-quarter sales
The logo of U.S. memory chip maker MicronTechnology is pictured at their booth at an industrial fair in Frankfurt, Germany, July 14, 2015.
Reuters/Kai Pfaffenbach
Memory-chip maker Micron Technology Inc said it would implement a restructuring plan to lower costs by focusing on fewer projects, job cuts and other measures.
The company also reported a 24.8 percent fall in third-quarter net sales, hurt by a drop in prices due to weak demand for personal computers.
Micron's net sales fell to $2.90 billion in the quarter ended June 2, from $3.85 billion a year earlier.
Net loss attributable to Micron was $215 million, or 21 cents per share, compared with a profit of $491 million, or 42 cents per share.
(Reporting by Anya George Tharakan in Bengaluru; Editing by Savio D'Souza)
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