Smart Modular Technologies (SMOD) this afternoon reported disappointing results for its fiscal second quarter ended February, and weaker-than-expected guidance for Q3.

For the February quarter, the company reported revenue of $160 million and EPS of 17 cents; the Street had expected $180.3 million and 18 cents. The company, which makes memory subsystems and related products, said results were affected by a difficult pricing environment and slower-than-expected growth in high density server modules, “partially due to delayed product introductions by our customers.”

For the May quarter, the company sees revenue of $160 million to $170 million with EPS sequentially flat at 17 cents. The Street had been expecting $192 million and 22 cents.

In after hours trading, SMOD is down 22 cents, or 4.3%, at $4.90. The stock fell 9 cents in the regular session. The stock has now lost more than half of its value since the end of 2007.