Micron Sees Late ’23 Memory Rebound. But It’s Cutting Staff By 10%.

Micron


Technology posted soft results for its fiscal first quarter ended Dec. 1, but the chip maker projected a sharp improvement in conditions for the memory market in the second half of the company’s August 2023 fiscal year.

The chip maker’s tough quarter reflects softening demand and elevated inventories in key end markets, including PCs, smartphones, and servers. While the weakness in those segments is well known, Micron (ticker: MU) nonetheless provided a sobering outlook for the next few quarters, reducing costs while it awaits an improvement in macroeconomic conditions.