Applied Materials will cut 4% of its workforce, or about 1,444 jobs, to streamline operations amid automation and new export curbs. The chipmaker expects up to $180M in severance costs as it aims to boost competitiveness.
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Applied Materials will cut about 4% of its 36,100 employees, or roughly 1,444 workers, according to CNBC.
00:11The company said the layoffs are part of a restructured effort to boost efficiency and adapt to automation, digitalization, and geographic shifts.
00:18The layoffs span all levels of departments, according to a company filing.
00:21Semiconductor equipment maker expects to incur $160 million to $180 million in severance of related costs to be paid in cash.
00:28It follows the forecast earlier this month of a $600 million revenue hit from fiscal 2026 after the U.S. expanded its export restrictions.
00:36Applied Materials said the layoffs aim to make the company more competitive and productive.
Be the first to comment