Memory chipmaker Micron Technology Inc reported a bigger-than-expected fall in quarterly revenue, hurt by weak demand for chips used in personal computers and as average selling prices fell.
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Shares of the company, which makes DRAM and NAND flash memory chips, fell 3.3 percent to $14.13 in extended trading on Tuesday.
NAND flash memory chips are widely used in smartphones, cameras and other mobile devices to store music, pictures and other data. DRAM chips are mostly used in personal computers.
The company, which gets a majority of its revenue from DRAM chips, had said it expected a fall in production of PC DRAM chips in the first quarter.
Net income attributable to Micron fell to $206 million, or 19 cents per share, in the quarter ended Dec. 3, from $1 billion, or 84 cents per share, a year earlier.
Excluding items, the company earned 24 cents per share, beating analysts' average estimate of 23 cents, according to Thomson Reuters I/B/E/S.
Net sales fell 26.7 percent to $3.35 billion, below the average analyst estimate of $3.46 billion.
Up to Tuesday's close, Micron's shares had fallen about 58 percent this year.
(Reporting by Kshitiz Goliya in Bengaluru; Editing by Sriraj Kalluvila)