Friday, June 24, 2011
Memory chip vendor Micron Technology Inc. Thursday (June 23) reported sales for its fiscal third quarter that fell below analysts' expectations as the company posted sequential declines in revenue in both DRAM and NAND flash memory.
Micron (Boise, Idaho) reported sales of $2.1 billion for the quarter, ended June 2, down 5 percent from the previous quarter and down four percent from the year-ago quarter. The company posted a net income of $75 million, up 4 percent from the previous quarter and down 92 percent from the same period of 2010.
Consensus analysts' expectations called for Micron to report sales of nearly $2.4 billion, according to Yahoo Finance.
Micron said its consolidated gross margin improved to 22 percent in the quarter, up from 19 percent in the previous quarter, due mostly to decreased manufacturing costs.
Micron's DRAM revenue dropped 7 percent sequentially due to a decrease in volume, the company said. NAND flash revenue declined 5 percent sequentially in the quarter due to a 5 percent decrease in average selling prices, Micron said.
NOR flash revenue accounted for 17 percent of sales in the quarter, Micron said.
Micron said it invested $534 million in capital expenditures and paid down $327 million worth of debt during the quarter.
By: DocMemory
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