Lam Research to Cut 7% of Workforce After Forecast Disappoints

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Lam Research to Cut 7% of Workforce After Forecast Disappoints

Bloomberg2023-01-26

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 ...

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The overall market for chip equipment will sink to about $75 billion this year, down roughly $20 billion from the prior year, he predicted.The announcement followed disappointing quarterly results from the Fremont, California-based company and a forecast that came in below analysts’ estimates. Its shares fell as much as 3.3% to $472.5 in late trading.“This coming year represents a reset in the market and our business,” Archer said. “I’m confident by taking the difficult actions we’ve announced today we’re putting Lam in a stronger position.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":64,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}