Micron to Cut 10% of Workforce as Demand for Computer Chips Slumps
- Company to cut staff 10%, reduce capital expense, skip bonuses
- Chipmaker sees revenue improving in second half of next year
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Micron Technology Inc., the largest US maker of memory chips, said the worst industry glut in more than a decade will make it difficult to return to profitability in 2023.
The company on Wednesday announced a host of cost-cutting measures, including a 10% workforce reduction, aimed at helping it weather a rapid drop in revenue. Micron also projected a steep sales decline and a wider loss than analysts had estimated for the current quarter.