Lam Research to Trim 350 Jobs, Seek Pay Cuts
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Lam Research Corp., which makes tools that create circuits on semiconductors, said it will cut about 350 jobs, or 10% of its work force, and lay off other employees to cut costs as orders slow.
The Fremont, Calif.-based company also will seek voluntary pay cuts in addition to previously announced “shutdown days.” It plans to take an unspecified charge for restructuring in its fiscal first quarter.
Its shares fell as low as $26.95 in after-hours trading, a 4.8% decline from its regular close of $28.31 on Nasdaq.
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