Two weeks ago when the numbers came out that Micron lost $300,000 per day last quarter, we were willing to go easy on them. Now though, the company has announced that it will be slashing its workforce by 15% so the embargo is lifted. 2,850 jobs are being cut over the next two years thanks to the slowdown as well as pure incompetence.

The company’s failing operations executive, Mark Durcan, had this to say:

“While this isn’t good news for us or our employees or anyone in the community, we’re doing what we have to do to remain competitive and protect the employees that are still here… The memory market is a disaster worldwide.”

Read more: CNN Money