Weak macroeconomic conditions and the persisting weakness in PC demand has impacted the company’s growth rate in calendar year 2015, with revenue declining by 11% year on year. Also contributing has been Micron’s lagging DRAM and NAND output (or “bit” growth) in comparison to the industry, due to ongoing technology transitions. While we expect revenue to continue declining in calendar 2016, we believe the pace of decline will slow down significantly (<5%). Depending on how the end market demand plays out, the company will continue to manage product mix and allocate its capacity to maximize its opportunities over time. Micron seems confident that the demand environment will stabilize and improve this year, and expects industry supply and demand for both DRAM and NAND to be relatively balanced.

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