Chipmaker Micron Technology Inc on Wednesday said it will lay off 10% of its workforce next year as it continues to cope with a glut in the semiconductor market.
Micron GDDR6X graphics memory solution is pictured in this April 12, 2022 handout image. Micron Technology/Handout via REUTERSon Wednesday said it will lay off 10% of its workforce next year as it continues to cope with a glut in the semiconductor market.
Micron, reporting earnings on Wednesday, forecast second-quarter revenue of $3.8 billion, plus or minus $200 million, above Wall Street estimates. But it forecast a loss of 62 cents per share plus or minus 10 cents, much steeper than analysts' estimates for a 30 cents loss. "November quarter results and February quarter outlook clearly show significant weakness in demand for both DRAM and NAND," said Summit Insights Group analyst Kinngai Chan. "We expect DRAM prices to improve once industry demand catches up to supply sometime by mid-2023."
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