Micron Swings to Loss in 3rd Quarter, Layoffs to Follow

Summary

Micron Technology says it will cut its workforce after posting a second consecutive quarterly loss.

Story Created: Jun 29, 2007 at 11:29 AM MST

Story Updated: Nov 7, 2008 at 10:16 AM MST

Micron Swings to Loss in 3rd Quarter, Layoffs to Follow
BOISE, Idaho (AP) _ Micron Technology says it will cut its workforce after posting a second consecutive quarterly loss.

The Boise-based maker of computer memory chips reported today a 3rd quarter loss of 225 (m) million dollars, or 29 cents per share. The disappointing earnings comes a year after the company posted a profit of 88 (m) million dollars ... or 12 cents per share.

Company officials say it was hurt by severe price declines in most of its products.

They also say changes are expected to follow.

Officials did not say how many of Micron's 22,000 workers will be laid off. But they say reductions will likely affect Idaho employees as the company moves production closer to customers in Asia, where it does more than 70 percent of its business.

The company will also replace Steve Appleton as president, though he will remain the chief executive officer and chairman of the board.

Mark Durcan, currently the chief operating officer, will take over for Appleton as president ... starting immediately.

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