Micron, the largest memory chip manufacturer in the United States, cut its staff by 10 and stopped paying bonuses

Source: Phoenix Technology Author: Xiao Yu

    On December 22, Beijing time, Micron Technologies, the largest memory chip manufacturer in the United States, announced on Wednesday that the company would cut jobs by about 10% in 2023 and stop paying bonuses. This again shows that the slowdown in the growth of the technology industry is affecting employment.

    According to the recent documents of the Securities and Exchange Commission (SEC), Micron has about 48000 employees, and a 10% layoff means 4800 people will lose their jobs. Meguiar Light said that the company will achieve the goal of layoff through voluntary resignation and layoff. "On December 21, 2022, we announced a restructuring plan to address the challenging industry environment," said Micron. "According to the restructuring plan, we expect to reduce the number of employees by about 10% in 2023 through a combination of voluntary downsizing and layoff."

    Micron also said that it would suspend the bonus payment in 2023. Meguiar‘s estimated expenditure related to restructuring in the current quarter is $30 million, which also includes reducing investment in production capacity and cost reduction plans.

    Earlier, Micron released its financial report for the first quarter of fiscal year 2023 on Wednesday, and its revenue and earnings per share fell short of analysts‘ expectations. Meguiar‘s outlook for the second fiscal quarter was also lower than expected. It was expected that the loss per share would be higher than expected, and the share price fell more than 1% in after hours trading.