TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    LeadersSpeak
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Submission Guidelines

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    LeadersSpeak
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
Micron to cut almost 5,000 jobs in 2023

News • 22nd Dec 2022 • 1 Min Read

Micron to cut almost 5,000 jobs in 2023

Employee Relations#Layoffs

Author: Mint Kang Mint Kang
4K Reads
In a sudden reversal from 2021's semiconductor shortage, the chipmaker's business is now being hit by a glut in the market.

Micron Technology, one of the world's largest manufacturers of memory chips, has announced that it will be laying off 10% of its workforce globally, or 4,800 jobs, in 2023.

The job cuts, which will include voluntary departures, are part of a massive restructuring measure meant to reduce projected losses over the next year. In its quarterly financial results released on 21 December, the company disclosed that it is predicting a sharp decline in sales and resulting losses throughout at least the first half of 2023, due to a sudden glut in the semiconductor market.

In addition to job cuts, the company is cutting executive salaries for the rest of its fiscal year - although the size of the cuts has not yet been disclosed - and suspending the 2023 bonus. Planned expansions to its manufacturing facilities are on hold.

Micron CEO Sanjay Mehrotra said the semiconductor industry is currently looking at experiencing "the most severe imbalance between supply and demand " in 13 years, a dramatic reversal from the global shortages that hit dozens of industries in 2021 and resulted in thousands of layoffs last year.

He attributed the industry situation to a combination of macroeconomic uncertainty, falling consumer demand, and large stocks of semiconductor inventory among Micron's customers - the result of dozens of major manufacturers in automobile, computer, and other semiconductor-dependent industries stocking up in response to the earlier shortage.

Read More

Did you find this article helpful?


You Might Also Like

2023 Layoffs: A timeline of major job cuts

NEWS • Today • 14 Min Read

2023 Layoffs: A timeline of major job cuts

Employee Relations#Layoffs
JPMorgan to cut about 30 jobs in Asia Pacific

NEWS • 22nd Feb 2023 • 1 Min Read

JPMorgan to cut about 30 jobs in Asia Pacific

Employee Relations#Layoffs
McKinsey to slash 2,000 employees in major job cut

NEWS • 22nd Feb 2023 • 1 Min Read

McKinsey to slash 2,000 employees in major job cut

Employee Relations#Layoffs
NEXT STORY: Pearson to acquire workforce assessment provider PDRI for $190 million

Trending Stories

  • design-thinking-hr

    2023 Layoffs: A timeline of job-cuts in top companies

  • design-thinking-hr

    How to spot sexism at work – and fight it

  • design-thinking-hr

    Stronger together: List of companies that have refused to la...

  • design-thinking-hr

    Top future skills in HR

Upcoming Event: View All

Event Title 29 Mar Webinar

2023 Employee Experience Trends

Free 11:00 AM AEST

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Submission Guidelines

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.