Reports Q3 (May) earnings of $0.07 per share, $0.10 worse than the Capital IQ Consensus Estimate of $0.17; revenues fell 6.5% year/year to $2.14 bln vs the $2.37 bln consensus. The company’s consolidated gross margin improved to 22 percent for the third quarter of fiscal 2011 from 19 percent for the second quarter of fiscal 2011 due primarily to decreases in manufacturing costs. Revenue from sales of DRAM products was 7 percent lower in the third quarter of fiscal 2011 compared to the second quarter of fiscal 2011 due to a decrease in sales volume.
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