Applied Materials reportedly to cut more jobs

Applied Materials reportedly to cut more jobs
SANTA CLARA, Calif. — Heading into the Semicon West trade show next week, Applied Materials Inc. is planning to cut 2,000 more jobs, including management, according to a Reuters report on Friday (July 11).

The cuts are part of an ongoing effort by Applied to reduce costs. It also represents the first big move made by Michael Splinter, the new chief executive of the chip-equipment giant. In April, Applied named Splinter, a former Intel Corp. executive, president, chief executive officer and a member of the board.

Applied had set plans to cut 3,750 jobs, more than 20 percent of its staff, in its current fiscal year ending in October, according to the report. The expected job cuts are part of that figure, the report said.

"We're probably expecting around 800 to 1,100 employee reductions, with a focus on senior management," Banc of America Securities analyst Mark FitzGerald said in the report . "There's no doubt in my mind."

Jay Deahna, the J.P. Morgan analyst, said that 1,400 jobs could be cut in the latest round this month, the report said.