(MEMC earnings story updated with analyst commentary)NEW YORK ( TheStreet) -- MEMC Electronic Materials ( MEMC) came in below Street expectations, as the systems business revenue drop offset gains made in semiconductor and solar materials. MEMC shares were down between 7% and 10% in after-hours trading on Thursday right after the earnings report, and was down 15% at the open on Friday morning. MEMC shares have already been beaten down this year, and reached a 52-week low in early July, at which the shares were trading again on Friday morning, more or less. MEMC reported earnings of 6 cents, below the Street expectation of 9 cents per share. MEMC revenue came in short of expectations, too, at $448 million, versus the Street at $466 million. The big drop from MEMC was in the SunEdison solar systems business that it acquired last year, a controversial acquisition at the time, questioned by analysts. The SunEdison revenue dropped by roughly 50% in the second quarter, from the first quarter sales of $60.7 million to second quarter sales of $30.7 million. The systems business had a loss of $4.4 million in the second quarter, versus a $6.8 million profit in the first quarter. Theodore O'Neill, analyst at Wunderlich Securities, noted in an email to TheStreet, "Semi and Solar materials were strong as I expected. The solar systems business was a huge miss, but notice revenue top line guidance is the same even though systems business
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