Chipmaker Micron to Cut Jobs

Earnings Reuters

Memory-chip maker Micron Technology Inc said it would implement a restructuring plan to lower costs by focusing on fewer projects, job cuts and other measures.

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The company also reported a 24.8 percent fall in third-quarter net sales, hurt by a drop in prices due to weak demand for personal computers.

Micron's net sales fell to $2.90 billion in the quarter ended June 2, from $3.85 billion a year earlier.

Net loss attributable to Micron was $215 million, or 21 cents per share, compared with a profit of $491 million, or 42 cents per share. (Reporting by Anya George Tharakan in Bengaluru; Editing by Savio D'Souza)

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