Micron plans staff decimation as demand dips to Great Recession levels

American chipmaker Micron Technology plans to cut 10 percent of its workforce and significantly reduce capital spending next year as demand for its memory and storage silicon have reached lows not seen since the Great Recession in 2009. "The industry is experiencing the most severe imbalance between supply and demand in both …

[Pascal Monett]

What ?

"when using standard accounting practices"

When you're not using "standard" accounting practices, you're using "non-standard" practices, also known as "cooking the books", a practice which should and will land you in jail if you proceed long enough, so what's the point of that part of the sentence ?

[MiguelC]

Re: What ?

They mean they could be using "creative accounting" like many others, but theirs is very honest - honest 'guv.

[General Purpose]

Re: What ?

Accountants have to make choices, which will have the effect of pushing income and/or expenditure up or down in particular quarters. Some choices may be unusual but that doesn't make them illegal.

[Anonymous Coward]

Re: What ?

"Accountants have to make choices, which will have the effect of pushing income and/or expenditure up or down in particular quarters. Some choices may be unusual but that doesn't make them illegal."

I personally discovered accounting when funding a sport club, which became a big one, with time. I was in charge of finances.

It never ceased to amaze me how creative accounting can be ...

Sure, it was non-profit accounting, so a lot simpler than the one of a multi-billions, multi-countries corporation, but still.

Once, I was worried that we'd be positive of about 8k YoY and would look bad for the next round of subventions.

After consulting the accounting books, I passed a 8k provision (spend) et voilà, I ended up at nearly 0 in the balance sheet.

We got our subventions the year after, but some of the exec team members never ceased to ask me the question: "where did the 8k go ?". Of course, they never left the bank account !

[the spectacularly refined chap]

Re: What ?

There are any number of rules to which accounts may be prepared and many of them have legitimate roles. Cash based accounting comes to mind - essentially how much money do we have to hand right now? It's often the key metric at play in startups and companies going through a rapid growth spurt simply so they can see if they can pay the bills for next month or next quarter.

It's frowned upon for companies with lots of investors not privy to management decisions because it conceals the level of liabilities going forward.

[bregister]

there will be more of these type of layoffs in 2023

[David Hicklin]

Boom and Bust

So, back to Boom and Bust cycles - nothing changes !

[Binraider]

Standard hire and fire nonsense. If Intel are awake there are a bunch of talented engineers they could really use on board here.

[Anonymous Coward]

Intel are doing their own layoffs, presumably much larger in scale.

[Anonymous Coward]

Yes. They are. Personally affected here.

[David Pearce]

But still most ICs are out of stock at the distributors

[Anonymous Coward]

Pedantic Math Check....

"Micron's first-quarter revenue was $4.09 billion, a 62 percent decline from the previous quarter's $6.64 billion in sales"

Being 62 percent of the prior quarter is not a 62 percent decline.... that's a 38% decline.

4.09 / 6.64 = ~0.62