The chipmaker company Micron Technology Inc. surprisingly lost revenue in a weak first quarter after in-hours trading on Tuesday. Reports claim that the memory chipmaker had lost its revenue because of the weak demand of chips used in personal computers.

The numbers are in and Micron's shares fell at 27 percent, which is valued at $3.35 billion, just below its expected $3.46 billion that analysts previously anticipated, Forbes reports. However, the news didn't come as a surprise to the company, according to the publication.

Micron apparently expected that the first quarter in trade will be a weak one when analysts from the chipmaker giant revealed that they are expecting a $2.9 billion and $3.2 billion fall, which is below the $3.5 billion expected in revenues.

However, despite the seemingly downgrade in sales, the company was victorious in their bottom line net income which they posted at $206 million or 19 cents per share. The news agency revealed that the company's earnings are at 24 cents per share, which is above the 23 cents per share expected.

Meanwhile, the company's CEO remains to be confident despite the situation. "While conditions in some market segments are challenging, we believe long-term industry fundamentals are healthy," said CEO Mark Durcan in a statement obtained by the news outlet.

The news comes after a great decrease on the demand of PC memory chips, not to mention the company's competitions which include Samsung Electronics Co Ltd. and SK Hynix Inc, Reuters reports

"We have a perfect storm going on here," Wedbush Securities analyst Betsy Van Hees said as quoted by the publication. "We have a seasonal weak quarter. We have weaker-than-expected end-market demand. We have pricing headwinds."

Meanwhile, Boise, an Idaho-based company known to have been one of the pioneers in making memory chips like DRAM, NAND and NOR Flash, struggled with the soft demand on chips, especially when Samsung and SK Hynix doubled their production of more efficient 20 nm DRAM chips and 3D NAND chips.

"Overall, our revenues were impacted by declining pricing particularly in the PC DRAM segment," Chief Financial Officer Ernie Maddock said in a conference call.

Meanwhile, there are no further developments as to the company's status and the news outlet revealed that the market shares of the company, Micron fell at 58 percent for this year according to Tuesday's numbers.