Lam Research down 2% after FQ2 reports and 7% workforce reduction
Lam Research (NASDAQ:LRCX) announces workforce reduction to better align cost structure with its outlook for the current economic environment and future business opportunities.
The company expects the restructuring plan to entail a workforce reduction of ~1,300 employee positions, which is ~7% of the companyâs total number of employees.

This restructuring plan is expected to be substantially completed by the end of the quarter ending June 25, 2023, but the timing of actions may vary by country based on local legal requirement.
The expected restructuring plan total charges are ~$80M, to be incurred during the quarter ending March 26, 2023. 
A look at the company's FQ2 performance.
Stock drops 2% post market hours.