Micron to Chop 10% of Staff
Micron
(MU) - Get Micron Technology, Inc. Report
is laying off 10% ofits staff in a bid to bring expenses into line withits sagging revenues. The company has a payroll of18,700.
In early afternoon trading, shares gained 35 cents, or 5%, to $7.52.
The company, which makes a form of computer memoryknown as DRAM, hasn't made a profit in two years. Inits most
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recentquarter ending in November, it posted a netloss of $316 million and missed Wall Street's revenueestimates by 15%.
Adding to its worries, Micron lost market share in2002, according to Gartner Dataquest, while toughrival
Samsung
gained share.
Last month, as many had predicted, Micron hit upthe capital markets for money, issuing $550 millionin convertible notes.
Aiming to boost the appeal of its products, thecompany also said today it will focus more on usingthe latest-generation process technologies.
