Micron Sales Plunge 53%. It Is Cutting More Staff. Better Days Lie Ahead.

Micron

Technology shares are modestly higher in late trading Tuesday after the memory chip company posted financial results for its fiscal second quarter ended March 2 that were about in line with expectations, as a weak market for PCs and smartphones continued to weigh on the company’s results. Micron also said that as part of its cost-reduction program, it will reduce staff by about 15%—up from a previous plan to cut heads by 10%.

But there are some promising signs for the memory chip maker.