Shares of Micron Technology Inc. wilted in early morning trading, one day after the announcement of a sharp decline in revenue during the company's first fiscal quarter.
The company, which released its earnings Monday following the close of trading, posted sales of $728.1 million in the quarter ended Nov. 28, compared with $1.186 billion a year ago. Officials attributed the shortfall to softening prices for memory chips. Thanks to cost-containment measures, Micron's net income climbed to $24.8 million from $16.6 million. Micron's shares were off 2 points at the start of trading.
At the same time, the Boise, Idaho, company reported a sharp increase in mail order sales of PCs, which climbed 22 percent in the quarter from the same period a year earlier.