Micron, the largest memory chipmaker in the United States, has laid off 10% of its staff and stopped paying bonuses.

Beijing, December 22 (Xinhua) Micron Technology, the largest U.S. memory chip maker, announced on Wednesday that it will cut about 10% of its jobs and stop paying bonuses in 2023. This shows once again that the slowdown in the technology sector is affecting employment.

Micron has about 48000 employees, and a 10 per cent layoff means 4800 jobs will be lost, according to recent filings from Micron's US Securities and Exchange Commission (SEC). Micron said the company would achieve its layoff target through voluntary layoffs and layoffs. "on December 21, 2022, we announced a restructuring plan to deal with the challenging industry environment," Micron said. "under the restructuring plan, we expect to reduce the number of employees by about 10 per cent by 2023 through a combination of voluntary layoffs and layoffs."

Micron also said it would suspend bonuses for 2023. Micron expects restructuring-related spending of $30 million in the current quarter, which also includes reduced investment in production capacity and cost-cutting plans.

Earlier, Micron on Wednesday reported results for the first quarter of fiscal 2023, with revenue and earnings per share falling short of analysts' expectations. Micron's outlook for the second quarter was also lower than expected, expecting a higher-than-expected loss per share and its shares fell more than 1 per cent in after-hours trading.