CHIP TROUBLES: Micron announces major job cuts after weak earnings, soft demand
Nearly 5,000 Micron employees will lose their jobs following theto reduce 10% of its workforce and undergo a restructuring plan in 2023.
"Due to the significant supply demand mismatch entering calendar 2023, we expect that profitability will remain challenged throughout 2023," Micron CEO Sanjay Mehrotra said in prepared remarks.earnings results for the first quarter of fiscal 2023, which ended Dec 1, 2022. Micron said it expects to incur a $30 million charge in the current fiscal quarter related to the job cuts.
Currently, Micron employs 48,000 employees in 17 countries and 29 facilities worldwide, according to the company's website.Sanjay Mehrotra, CEO of Micron, testifies during the Senate Commerce, Science, and Transportation hearing on semiconductors titled Developing Next Generation Technology for Innovation, in Russell Senate Office Building on Wednesday, March 23, 2022.
The company announced revenue of $4.09 billion versus $6.64 billion for the prior quarter and $7.69 billion for the same period last year, while operating cash flows reached $943 million versus $3.78 billion for the prior quarter and $3.94 billion for the same time from last year.
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