Micron announces 10% staff reduction, suspends bonuses


Micron's stock is close to a bottom, says Wedbush's Matt Bryson

Semiconductor maker Micron announced Wednesday that it would reduce its headcount by about 10% in 2023, in the latest example of a technology industry slowdown affecting employment.

Shares of Micron fell more than 1% in extended trading.

Idaho-based Micron has about 48,000 employees, according to a recent SEC filing. The company said it would hit its reduction target through voluntary departures as well as layoffs.

Micron also said it is suspending 2023 bonuses.

“On December 21, 2022, we announced a restructure plan in response to challenging industry conditions,” the company said in an SEC filing. “Under the restructure plan, we expect to reduce our headcount by approximately 10% over…

Source cnbc.com

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