Micron to Cut 10% of Workforce as Demand for Computer Chips Slumps

Bloomberg2022-12-22

Micron Technology Inc., the largest US maker of memory chips, gave a lackluster revenue outlook for the current period, indicating the slump in demand for computer components will drag on, and said it...

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Comments

Tailwind
2022-12-22
Tailwind
[Cool]
K20
2022-12-22
K20
Gg
Pluto891
2022-12-22
Pluto891
tech....
Worpeng2002
2022-12-22
Worpeng2002
Ok
h20_mako
2022-12-22
h20_mako
🤔
- h20_mako:
  👍
xiaobaii
2022-12-22
xiaobaii
like & comment please
- Firework peh:
  Omg
- SimonChan:
  👍🏻

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That compares with analysts’ average estimate of $3.88 billion, according to data compiled by Bloomberg. The company projected a loss of about 62 cents a share, excluding certain items, in the period ending in February, compared with a loss of 29 cents expected by analysts.Semiconductor makers are suffering plummeting demand for their products less than a year after being unable to produce enough to meet orders. Consumers have shelved purchases of personal computers and smartphones amid rising inflation and an uncertain economy. Makers of those devices, the main users of memory chips, are now stuck with unused stockpiles of components and are slowing orders for new stock.Unlike other parts of the chip industry, products from Micron are built to industry standards, meaning they can be swapped out for those of its competitors. Because memory can be traded like a commodity, its makers are exposed to more pronounced price swings.Micron has pledged to reduce output from its factories and slow expansion projects to limit the amount of chips available and ease the glut. For that to succeed, rivals including Samsung Electronics Co. and SK Hynix Inc. will have to follow suit. That step can help support prices but comes with the penalty of running expensive plants at less than full capacity, something that can weigh heavily on profitability.In the three months ended Dec. 1, sales declined 47% to $4.09 billion. The company had a loss of 4 cents a share, excluding certain items. That compares with an average estimate of a loss of 1 cent a share on revenue of $4.13 billion.Micron’s shares were little changed in extended trading after closing at $51.19 in New York. The stock has dropped 45% this year, a worst decline than most chip-related equities. 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