Micron Earnings Tumble 73 Percent

Micron Technology Inc. reported a 73-percent drop in its third-quarter profit in the wake of the sharpest drop in computer memory chip prices in a decade.

Micron earned $58.2 million, or 27 cents a share, during the three months that ended May 30. It earned $220.2 million, or $1.02 a share, during the same period a year ago.

Micron’s gross margin on memory chips in the latest quarter was 38 percent, down from 62 percent in the second quarter and 70 percent in the first three months of the fiscal year.