Layoffs 2022: Micron is cutting its workforce by 10%

Last updated on January 13th, 2023 at 04:42 am

This announcement is done by Micron when results for its first quarter came to them, which ended on 1^st Dec 2023. The company also announces in the recent US Securities and Exchange Commission, the restructuring plan on 21^st December 2022 to deal with the new market condition. 

Restructure plan means layoff in Micron?

The company said that in the restructuring plan they will cut off nearly 10% of their workforce. This percentage will come from self-resignations and reductions. They also said that for 2023 they are planning to incur charges of at least $30 million in the second quarter, all in cash expenditures.

The company said in the current quarter they lost 62% per share on the revenue it cost nearly $3.8 billion.

Micron’s CEO Mr. Sanjay Mehrotra explained that there is already too much supply of chips, and memory cards but demand is very low. This results company to face a big loss. They also added, that in the past months we are seeing a big drop in demand for chips. So, In this challenging environment we are hoping to get some improvement by changing plans,-the CEO added.

So, this is another big layoff before entering 2023. Inflation is going to hit the globe badly, we all can just hope to see better days in the near future.