The move comes as Micron reported results for its first quarter of fiscal 2023, which ended on December 1, 2022.
"On December 21, 2022, we announced a restructure plan in response to challenging industry conditions," the company said in a recent
"Under the restructure plan, we expect to reduce our headcount by approximately 10 per cent over the calendar year 2023, through a combination of voluntary attrition and personnel reductions," it added.
Moreover, the chip-maker mentioned in the SEC filing that, "in connection with the plan, we expect to incur charges of at least $30 million in the second quarter of fiscal 2023, substantially all in cash expenditures".
In the current quarter, the company said it expected a loss of 62 cents per share on revenue of $3.8 billion.
In prepared remarks, Micron CEO
"In the last several months, we have seen a dramatic drop in demand," said Mehrotra.
"While the environment remains challenging, we currently expect second-half fiscal 2023 revenue to improve from the first half," he added.
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