Micron Announces Further Actions to Address Market Conditions
17 November 2022 - 12:52AM
Micron Technology, Inc. (Nasdaq: MU), today announced that in
response to market conditions, the company is reducing DRAM and
NAND wafer starts by approximately 20% versus fiscal fourth quarter
2022. These reductions will be made across all technology nodes
where Micron has meaningful output. Micron is also working toward
additional capex cuts. In calendar 2023, Micron now expects its
year-on-year bit supply growth to be negative for DRAM, and in the
single-digit percentage range for NAND.
Recently, the market outlook for calendar 2023 has weakened. In
order to significantly improve total inventory in the supply chain,
Micron believes that in calendar 2023, year-on-year DRAM bit supply
will need to shrink and NAND bit supply growth will need to be
significantly lower than previous estimates.
“Micron is taking bold and aggressive steps to reduce bit supply
growth to limit the size of our inventory. We will continue to
monitor industry conditions and make further adjustments as
needed,” said Micron President and CEO Sanjay Mehrotra. “Despite
the near-term cyclical challenges, we remain confident in the
secular demand drivers for our markets, and in the long term,
expect memory and storage revenue growth to outpace that of the
rest of the semiconductor industry.”
For more information, please visit investors.micron.com.
About Micron Technology, Inc. We are
an industry leader in innovative memory and storage solutions
transforming how the world uses information to enrich life for all.
With a relentless focus on our customers, technology leadership,
and manufacturing and operational excellence, Micron delivers a
rich portfolio of high-performance DRAM, NAND and NOR memory and
storage products through our Micron® and Crucial® brands. Every
day, the innovations that our people create fuel the data economy,
enabling advances in artificial intelligence and 5G applications
that unleash opportunities — from the data center to the
intelligent edge and across the client and mobile user experience.
To learn more about Micron Technology, Inc. (Nasdaq: MU), visit
micron.com.
Forward-Looking StatementsThis press release
contains forward-looking statements regarding our industry, our
markets, and our future actions, including expected wafer starts
and capital expenditures. These forward-looking statements are
subject to a number of risks and uncertainties that could cause
actual results to differ materially. Please refer to the documents
we file with the Securities and Exchange Commission, including our
most recent Form 10-K. These documents contain and identify
important factors that could cause our actual results to differ
materially from those contained in these forward-looking
statements. These certain factors can be found at
micron.com/certainfactors. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance, or achievements. We are under no duty to update any of
the forward-looking statements to conform these statements to
actual results.
© 2022 Micron Technology, Inc. All rights reserved. Information,
products, and/or specifications are subject to change without
notice. Micron, the Micron logo, and all other Micron trademarks
are the property of Micron Technology, Inc. All other trademarks
are the property of their respective owners.
Micron Media Relations ContactErica Rodriguez
PompenMicron Technology, Inc.+1 (408)
834-1873epompen@micron.comMicron Investor Relations
ContactFarhan AhmadMicron Technology, Inc.+1 (408)
834-1927farhanahmad@micron.com
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