Feb. 9, 2023 /SemiMedia/ -- According to reports, Micron Technology has started laying off employees at its Singapore company. The retrenched employees are mainly those with relatively junior qualifications, and the entire layoff operation is estimated to last until February 18.
The report pointed out that in addition to layoffs, the company also suspended stock repurchases, cut executive salaries, and will not pay company-wide bonuses to reduce capital expenditures in fiscal years 2023 and 2024 and operating costs in fiscal 2023.
Micron has said the industry is experiencing its worst supply-demand imbalance in 13 years. Around mid-2023, customers will shift to healthier inventory levels, and chipmakers' revenues should improve in the second half of the year.
The report pointed out that Micron has more than 9,000 employees in Singapore, but did not disclose how many employees it will lay off.