Micron draws in its horns

Author: EIS Release Date: Jan 5, 2023

Micron says it will reduce its workforce by 10% in the course of next year.

 

Sales will be about $3.8 billion in the December-February quarter. In the September-November quarter sales fell 47% to $4.09 billion.

 

Last month Micron said ir would be cutting production by 20%.

 

Capex will be cut from $12 billion to $7.5 billion in

 

The company does not expect to be profitable next fiscal year. It has stopped repurchasing its own shares, is cutting executive salaries and ending bonuses.