By Nick Turner, Bloomberg
Applied Materials Inc., the largest US producer of chipmaking equipment, plans to cut 4% of its global workforce as it copes with a sales slowdown and trade turmoil.
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Earlier this month, Applied Materials said an expansion of US export curbs to China would cost the company $600 million in lost revenue in fiscal 2026, which runs through next October. Applied Materials and its peers have faced increasingly strict rules governing their ability to supply and support customers in China. The clampdown is part of a push in Washington to limit the Asian nation’s ability to develop domestic chip supply.
Applied Materials expects the cuts to cost $160 million to $180 million, mostly from severance pay and one-time termination benefits. The Santa Clara, California-based company plans to record most of these charges in the fourth quarter, with the cutback plan reaching completion in the first quarter of fiscal 2026.
“The semiconductor industry is expected to grow tremendously into the next decade, and Applied Materials is shaping a more competitive and productive organization that can scale to meet the opportunities ahead,” Chief Executive Officer Gary Dickerson said in memo to employees that was included in the filing.
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