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Micron stock sinks amid company restructuring

Micron Technology Double-Data-Rate Synchronous Random-Access Memory (SDRAM) chip
Tomohiro Ohsumi | Bloomberg | Getty Images
Micron Technology Double-Data-Rate Synchronous Random-Access Memory (SDRAM) chip

Micron shares sank 9 percent on Friday a day after the company announced a restructuring which includes job cuts.

The job cuts, along with other measures, are expected to save the company at least $300 million, Micron said.

"To address the current market environment and strengthen our competitive position, we are implementing a number of initiatives to reduce costs, drive greater efficiencies, and increase focus on our strategic priorities," CEO Mark Durcan said.

The company also reported third-quarter results, posting $2.9 billion in sales, slightly short of expectations. The third-quarter revenue was also 25 percent lower than the prior-year quarter.

Micron shares have fallen more than 33 percent over the past year.

Micron's stock 12-month performance: