Micron Technology to cut workforce by 10 percent by end of next year

Micron Technology Inc. (NASDAQ: MU) plans to reduce its workforce by 10 percent by the end of 2023.

The move is part of a restructuring plan that the Boise, Idaho–based technology firm disclosed in a government filing on Wednesday, in response to “challenging industry conditions.”

Micron on the same day announced a net-income loss of $195 million and operating-income loss of $209 million in its latest fiscal quarter. The company also reported a 47-percent decline in revenue in the quarter, compared to the year-ago period.

Micron said it will cut one-tenth of its headcount through a combination of voluntary attrition and personnel reductions. In connection with the restructuring plan, the tech firm expects to incur charges of at least $30 million in the second quarter of fiscal 2023, nearly all of it in cash expenditures.

Micron plans to be a huge part of the Central New York economy in the coming years. The company in October announced it plans to invest up to $100 billion over the next 20-plus years on a semiconductor-manufacturing campus at the White Pine Commerce Park in the town of Clay.

The tech company’s first-phase investment of $20 billion is planned by the end of this decade, with the $100 billion total investment stretching over two decades, New York State says.

The effort will create nearly 50,000 jobs statewide — 9,000 new high-paying Micron jobs with an average annual salary of more than $100,000 and over 40,000 community jobs — and create thousands of prevailing wage construction jobs. When complete, the complex will include the nation’s largest clean-room space at about 2.4 million square feet, the size of almost 40 football fields.