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Applied Materials to cut 4% of global workforce
Applied Materials has approved a workforce reduction plan affecting about 4% of its global workforce, according to a SEC filing.
The company said the move is intended to position Applied Materials for continued growth as a more competitive and productive organisation.
Applied expects to incur total charges of approximately USD 160 million to USD 180 million as part of the plan. These costs will consist primarily of severance and other one-time employment termination benefits to be paid in cash, along with other non-cash charges.
Most of the charges are expected to be recognised in the fourth quarter of fiscal 2025, with the workforce reduction plan scheduled for completion in the first quarter of fiscal 2026.
