FREMONT, Calif.--Lam Research Corp. here today announced was cutting 10% of its workforce, or about 350 jobs, in response to continued weakness in semiconductor capital equipment markets.
In addition to the layoffs, Lam said it was initiating other cost-cutting measures, including shutdown days, voluntary pay reductions, and employee furloughs. The supplier of etchers and chemical mechanical planarization (CMP) tools said it will record restructuring charges in the fiscal quarter, ending Sept. 23. A figure for those charges was not released.
"Current industry conditions warrant a conservative approach to cost management, while the cyclical nature of our business demands flexibility as well," said James W. Bagley, chairman and chief executive officer of Lam.
Lam's total workforce will end up at about 3,200 when the new rounds of layoffs is completed. For the last fiscal quarter, ended June 24, Lam reported a 21.4% sequential decline in revenues to $365.5 million and a net income of $58.3 million, including restructuring charges of $16.8 million and a one-time gain of $33.1 million.