Micron announces layoffs, cost cutting as chip demand drops

BOISE, Idaho (AP) — Micron will reduce its workforce by 10% next year and take other cost-cutting measures as the computer memory chip maker struggles to deal with too much supply amid a drop in demand. Boise television station KTVB reports Micron CEO Sanjay Mehrotra announced the restructuring during during a quarterly conference call with investors Wednesday. The company will cut staff through voluntary departures and layoffs. Employee bonuses will also be suspended and executive salaries will be reduced for the remainder of the 2023 fiscal year which runs through August. The cutbacks aren’t expected to affect Micron’s plans to build new semiconductor plants in Idaho and upstate New York.