Semiconductor manufacturing equipment maker Lam Research Corp. plans to lay off 1,300 employees from its overall workforce.
The cuts amount to roughly 7% of the Fremont-based company's global workforce and will affect a wide swath of its staff, CEO Tim Archer said on a conference call with analysts and investors Wednesday afternoon. Lam's layoffs arrive as demand for certain types of chips — and the equipment that makes them – has slowed in recent months.
"While the reductions are broad-based across the company, we have taken special care to preserve, and in some cases increase, our investments in the critical efforts, which I believe are key to Lam's long-term growth and competitiveness," Archer said. It was not immediately clear how many Bay Area employees would be affected by Lam's cuts. Company representatives declined to comment on where the cuts will take place.
Of its 17,000 employees, 3,693 people are based in Silicon Valley, according to Business Journal research from 2022.
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