Micron Layoffs: 2,400 Job Cuts, 7.5 Percent of Staff
Micron Technology is laying off 2,400 employees — a 7.5 percent staff cut — the memory chip maker confirmed today. One-third of the cuts will involve open positions that Micron will no longer fill, a spokesman told Reuters.
The Micron job cuts are the latest pain point in the weak PC market. Earlier this week, Seagate confirmed 1,600 jobs, or about 3 percent of its workforce. While Micron focuses on DRAM an NAND chips, Seagate focuses on hard drives.
Micron’s Q3 2016 revenues were $2.9 billion, down a dramatic 25 percent from Q3 in fiscal 2015. The company plans to slash costs by about $80 million per quarter in fiscal 2017. The savings will involve a more “focused set of projects and programs, the permanent closure of a number of open headcount requisitions, a workforce reduction in certain areas of the business, and other non-headcount related spending reductions.”
A growing list of technology companies has announced layoffs during the first half of 2016. Many of the businesses are traditional hardware companies or software firms that were slow to embrace cloud or subscription-based services.