Micron Technology reported a loss of $170 million in its fourth quarter ended Sept. 1. For the year, Micron said it lost $276 million.
The company reported fourth quarter revenues of $3.22 billion, 11 percent lower that the fourth quarter in 2015. Revenues for the year were $12.40 billion, down from $16.1 billion the previous year.
Despite the loss, “we are seeing improving market conditions of both slowing supply growth and improving demands across a number of key segments, said Mark Durcan, Micron CEO.
Micron has been hit by a sagging PC market.