Micron Is Slowing Hiring But Plans to Steer Clear of Job Cuts

Micron Technology Inc. plans to slow hiring as it copes with a sudden drop in chip demand, but the company joined peers such as Intel Corp. and Nvidia Corp. in deciding that major job cuts aren’t yet necessary.

The memory-chip maker has no plans to reduce its headcount and won’t be making large-scale layoffs, according to a person familiar with the situation. The assurances come at a time when Micron is cutting its forecast and dealing with a build-up of inventory. The company said earlier Tuesday that fourth-quarter sales are expected to be at the low end of or below its previous guidance.