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Micron to reduce workforce as profit loss widens in Q3
2016-07-04 10:22:00| Telecompaper Headlines
(Telecompaper) Micron Technology said revenues for its third quarter to 2 June fell 25 percent from the year before to USD 2.90 billion while the net loss widened to USD 215 million or USD 0.21 per diluted share from a loss of 97 million or 0.09 per diluted share. Cash flows from operations amounted to USD 389 million. CEO Mark Durcan said the company continued to face challenging market conditions, despite good progress in deploying its advanced DRAM and NAND technologies. To address the current market environment and strengthen its competitive, Micron will seek to implement initiatives to reduce costs, drive greater efficiencies and increase focus on strategic priorities. The initiatives, which include a global workforce reduction, are expected to save the company over USD 300 million in fiscal 2017.
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Category:Telecommunications