Micron has revealed plans to cut production of its DRAM and NAND flash products by 5% to combat its average selling price (ASP) falling by 20% in the quarter ended February 28, 2019. Oversupply in both sectors led to the sharp fall in pricing and was "worse-than-expected DRAM and NAND pricing." Micron DRAM revenues experienced a "decrease 30% sequentially and 28% from a year earlier to account for 64% of its total revenues in the second quarter of its fiscal 2019." Micron's NAND revenue slid "18% sequentially and 2% on year to account for 30% of company revenues in the fiscal second-quarter 2019. ASPs went down about 25% from the first quarter." Micron expects revenues to drop another 17% in fiscal Q3 2019. Micron bought back 21 million shares of its common stock. Thanks workshop35 ! Looking into the fiscal third-quarter 2019, Micron expects revenues to register another sequential drop of about 17% to US$4.6-5 billion, with gross margin sliding to 37-40% from 50% in the prior quarter. "Micron continues to execute well across a range of product, operational and financial initiatives against the backdrop of a challenging market environment," said Micron president and CEO Sanjay Mehrotra. "These initiatives and our focus on high-value solutions, cost competitiveness and innovation will enable us to emerge even stronger as the market environment improves."