Shares of Micron Technology Inc. were off today as investors reacted negatively to news that the company's sales and net income for the second quarter came in under expectations.
Micron, based in Boise, Idaho, reported $876.2 million in revenues for the quarter ended Feb. 27, down 12 percent from the same period a year ago. Net income was $142.7 million, or 66 cents per share, down from $188.2 million, or 87 cents per share, in the year-ago quarter.
The company's stock fell $2.375 to $41.75 in midmorning trading.
Micron officials blamed the shortfall on declining memory prices. Specifically, they said the average price per megabit of dynamic RAM fell 18 percent compared to a year ago, discounting any gains from increased efficiencies at production facilities.
The earnings included a $205 million gain from selling off a 15 percent stake in its Micron Electronics Inc. subsidiary and other investment gains.