Micron reported a loss of $195 million, or 18 cents a share, versus net income of $2.31 billion, or $2.04 a share, in the year-ago period. $MU held steady in the extended session after the chip maker’s earnings fell short of Wall Street estimates:
Micron Technology Inc.’s revenue dropped 47% in its fiscal first quarter, and management projected that the decline would worsen to more than 50% in the second quarter as layoffs are planned.
Revenue fell to $4.09 billion from $7.69 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast an adjusted loss of 2 cents a share on revenue of $4.13 billion. In a filing with the Securities and Exchange Commission, the memory-chip specialist disclosed that management plans to cut about 10% of staff in 2023, “through a combination of voluntary attrition and personnel reductions.” About $30 million in restructuring costs are expected, all in the fiscal second quarter.
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