LOS ANGELES Nov 20 U.S. chipmaker Lam Research
Corp (LRCX.O) will shed 15 percent of its workforce, or 600
employees, joining the list of technology companies trying to
cope with declining sales and rising costs by cutting jobs.
The circuitry-etching tools company expects to save about
$60 million a year through the job reductions. The company will
be reducing other costs to achieve further savings of about $20
The job cuts will affect regular, temporary and contract
employees, and are expected to be completed by the first
quarter of next year, the company said.
Last month, Lam Research posted a sharp drop in earnings
and projected slow demand for the rest of this year.
A teetering economy and slumping consumer confidence have
hit the semiconductor industry hard.
With demand in electronic goods plummeting, the
semiconductor industry has made large-scale layoffs. Top
chipmaker Applied Materials (AMAT.O) announced a 12 percent cut
of its workforce. National Semiconductor Corp (NSM.N) cut up to
10 percent, KLA-Tencor Corp (KLAC.O) up to 15 percent, and
Akamai Technologies Inc (AKAM.O) 7 percent.
(Reporting by Syantani Chatterjee; Editing by Gary Hill)