Nov. 18, 2022 /SemiMedia/ -- Micron recently issued a statement stating that due to the decline in market demand, the company will reduce the operating rate of DRAM and NAND wafers by about 20%.

Micron said recently that the market outlook for 2023 has weakened. It is expected that the supply of DRAM bits will shrink year-on-year, and the supply growth of NAND bits will also be significantly lower than previously expected. In addition, Micron also disclosed that the company is working to further reduce capital expenditures.

"We are taking bold and aggressive steps to reduce supply growth to limit the size of our inventory. We will continue to monitor industry conditions and make further adjustments as needed," said Micron CEO Sanjay Mehrotra.

In Micron's latest financial report, the company reported disappointing results and missed revenue guidance by nearly $2 billion.