2023-01-25 22:21:28

Lam Research to Cut 7% of Workforce After Forecast Disappoints

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Bloomberg
By Ian King

Lam Research Corp., one of the three biggest providers of chip-manufacturing equipment in the US, is cutting about 7% of its workforce to reduce expenses in a declining market.

The company will eliminate about 1,300 jobs worldwide, Chief Executive Officer Tim Archer said on a conference call Wednesday. The overall market for chip equipment will sink to about $75 billion this year, down roughly $20 billion from the prior year, he predicted.

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