For the second quarter of 2011, Micron's revenue stood at $2.3 billion compared to $2 billion for the second quarter of fiscal 2010.
Gross margin was 19% in the second quarter of fiscal 2011, down from 23% in the first quarter of 2011, attributable to lower average selling prices.Net income stood at $72 million, compared to $365 million in the second quarter. Capital expenditure for the second quarter of fiscal 2011 was $840 million. During the quarter, the company completed the acquisition of the remaining stake in TECH through two cash transactions worth $159 million. The company's cash and short-term investments were $2.2 billion and cash flows from operations for the quarter stood at $809 million. The stock trades at 10 times its estimated 2012 earnings and is expected to deliver 25% return over the next one year.