Chipmaker Micron posts 42% drop in quarterly revenue

Micron Technology Inc reported a 42.3% fall in fourth-quarter revenue on Thursday, as demand for its memory chips used in smartphones and laptops continued to come under pressure from the prolonged U.S.-China trade war.

Net income attributable to the company fell to $561 million, or 49 cents per share, in the quarter ended Aug. 29, from $4.33 billion, or $3.56 per share, a year earlier.

Revenue fell to $4.87 billion from $8.44 billion.