Micron Technology has posted a net loss of US$706 million ,on net sales of US$1.4 billion for the company's first quarter of fiscal 2009 (ended December 4, 2008).

Sales of Micron's memory products in the first quarter of fiscal 2009 slid 4% compared to the preceding quarter, as a result of significant drops in market selling prices. The company's sales measured in gigabits grew 35% and 40% for DRAM and NAND flash products, respectively. Meanwhile, the sales volume, which outpaced production during the first quarter, resulted in a 15% decrease in gigabits of the company's finished goods inventories.

Micron also reported a gross margin drop in the first quarter compared to the previous quarter, as decreases in per gigabit ASPs for memory products outpaced cost reductions. Per gigabit costs went down 12% and 14% for DRAM and NAND flash products, respectively, during the first quarter.

According to Micron, its cost-cutting and restructuring activities have yielded reductions in operating costs in nearly all areas and contributed to the company's cash flow from operating activities in the first quarter of fiscal 2009.