"Due to the significant supply demand mismatch entering calendar 2023, we expect that profitability will remain challenged throughout 2023," Micron chief executive Sanjay Mehrotra said. Micron, reporting earnings on Wednesday, forecast second-quarter revenue of $3.8 billion, plus or minus $200 million, above Wall Street estimates. But it forecast a loss of 62 cents per share plus or minus 10 cents, much steeper than analysts' estimates for a 30 cents loss. Micron said the layoffs, part of a restructuring plan, would result in charges of at least $30 million in the second quarter. Revenue for the first quarter ended Nov. 30 fell about 47% year on year to $4.09 billion.

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