The Clap
Micron (NASDAQ:MU) plans to cut 10% of its workforce in 2023 after forecasting a bigger-than-expected loss for the fiscal Q2 2023.
What
The company expects that profitability will be difficult during 2023, due to a mismatch between supply and demand.
Micron is forecasting 62 cent loss per share plus or minus 10 cents, significantly higher than analysts’ expectations of a 30-cent loss per share.
So What
A very challenging economic environment has caused many businesses headaches, forcing cost cuts and disrupting entire industries.
Now What
Micron will significantly scale down CAPEX investments in 2023.