Micron Technology has reported first-quarter results that missed expectations and the Boise, Idaho company is blaming what it calls severe price declines in the semiconductor memory market. Net income fell 53% year-over year to $9.6m, or $0.04 per share, when the First Call consensus was for $0.07. Revenue for the quarter rose 31% to $954.6m. The results look particularly bad when compared to the preceding quarter’s net income of $72.1m on comparable revenue. Micron says its average selling price per megabit on semiconductor memory declined 25% from the fourth quarter after falling 75% in fiscal 1997. Gross margins on semiconductor products fell from 44% to 32% quarter- to-quarter.