US-based semiconductor Micron has joined the layoff bandwagon and will trim its workforce by 10 per cent in 2023 due to adverse industry conditions. The decision follows Micron's results for FY23's first quarter. According to a restructuring plan, a combination of voluntary attrition and personnel reductions will be used to cut jobs.
The microchip manufacturer expects costs of at least $30 million in the second quarter, completely in cash expenses. The firm had expected a loss of 62 cents per share on revenue of $3.8 billion in the current quarter.
Micron CEO Sanjay Mehrotra cited too much supply of memory and lack of demand, as reasons for the company keeping inventory and losing power over pricing.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)
