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Micron to cut 10% of its staff as it braces for 50% revenue drop

By ET Bureau - December 25, 2022 1 Mins Read


After the company warned that its revenue is likely to decline by more than 50% in the coming quarter and announced it will lay off 10% of its staff, shares of Micron Technology Inc. decreased in extended trading.

The chip manufacturer stated that it anticipates a boost in sales in the second half of the year once customers exhaust their chip inventories, but in the interim, it plans to enact a number of austerity measures. The company had just announced fiscal first-quarter earnings of four cents per share, before certain costs like stock compensation, beating Wall Street’s prediction of a penny-per-share loss.

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Revenue dropped to USD 4.09 billion for the period from USD 7.69 billion a year earlier and fell short of Wall Street’s forecast of USD 4.15 billion. All told, Micron reported a net loss of USD 195 million for the quarter.

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