Chip-maker Micron to cut 10% of its workforce

SAN FRANCISCO: Chip-maker Micron has announced it will reduce its workforce by about 10 per cent in 2023 in response to challenging industry conditions.

The move comes as Micron reported results for its first quarter of fiscal 2023, which ended on December 1, 2022.

“On December 21, 2022, we announced a restructure plan in response to challenging industry conditions,” the company said in a recent US Securities and Exchange Commission (SEC) filing.

“Under the restructure plan, we expect to reduce our headcount by approximately 10 per cent over calendar year 2023, through a combination of voluntary attrition and personnel reductions,” it added.

Moreover, the chip-maker mentioned in the SEC filing that, “in connection with the plan, we expect to incur charges of at least $30 million in the second quarter of fiscal 2023, substantially all in cash expenditures”.