Semiconductor maker Micron announces 10% staff reduction, suspends bonuses

TL;DR

related investing newsIdaho-based Micron has about 48,000 employees, according to a recent SEC filing."Under the restructure plan, we expect to reduce our headcount by approximately 10% over calendar year 2023, through a combination of voluntary attrition and personnel reductions."Here's how Micron did versus Refinitiv consensus estimates for the quarter ending in December:- Loss per share: $0.04, adjusted, versus $0.01 estimated- Revenues: $4.09 billion versus $4.11 billion estimatedMicron said it expected a loss of 62 cents per share on revenue of $3.8 billion in the current quarter.Micron is best known for supplying memory to computer makers, but it is facing an environment where PC sales have already started to slow or shrink, while server sales are expected to show little growth in 2023.He said he expects the company's profitability to "remain challenged" through the end of 2023 but that the firm expects revenue and free cash flow to recover later in 2023."

Like summarized versions? Support us on Patreon!