Micron Loses Some Memory Income, But Sales Level

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Falling memory prices took a toll on Micron’s (MU) bottom line, as the company reported a nearly 60% drop in profit from the year before. Shares are down a bit for the day, but have been pretty level this week for all the buzz going around about Micron.

In its financial results for the fiscal first quarter of 2006, Micron reported $1.36 billion in sales, with $63 million in net income, or 9 cents a share. That compares with sales of $1.26 billion in sales and income $155 million, or 23 cents a share, a year earlier. Micron CEO Steven Appleton cited in a statement accompanying the results a 15 % decline in the average selling prices of PC DRAM, the company’s biggest product. But he said Micron’s success in broadening its product portfolio significantly reduced the impact of the price erosion.

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