Boise memory-chip maker Micron reports another revenue drop amid workforce reductions
Micron saw another drop in revenue for its latest quarter.
The Boise memory-chip maker reported revenues of $3.7 billion, down nearly 10% from the previous quarter and more than 50% from the same quarter a year ago.
Micron President and CEO Sanjay Mehrotra said in a news release Tuesday that the company expects the industry’s supply and demand balance to gradually improve. The company previously cited weakening consumer demand and significant inventory adjustments for the steep revenue declines.
“Micron delivered fiscal second quarter revenue within our guidance range in a challenging market environment,” Mehrotra said. “We remain confident in long-term demand and are investing prudently to preserve our technology and product portfolio competitiveness.”
The company reported a net income of $minus-2.1 billion for the quarter ending Feb. 28, down 202% from the same quarter a year earlier. The earnings amount to $minus-1.91 per share.
Micron is the largest for-profit employer in Idaho, with about 6,000 workers in the Treasure Valley and roughly 49,000 employees worldwide, as of December. The company began laying off workers in February, with plans to reduce its global headcount by about 10% over the next year, according to prior reporting by the Idaho Statesman.
It’s unclear how many Micron employees in Boise and Meridian were affected by the cuts. The company has not filed a Worker Adjustment Retraining Notification Act, which suggests that fewer than 500 workers may be laid off in Idaho.
