Lam Research reacts to COVID-19 situation

Following the “shelter-in-place” order in effect in multiple San Francisco Bay Area counties last week, Lam has halted on-site work at its Fremont and Livermore locations, effective immediately, through March 17, 2020, as a direct result of its overseas interests. With supply chain activities interrupted in Malaysia, which also issued an order to close specific business activities from March 18 through March 31, Lam is unable to continue manufacturing operations in California without parts from key suppliers. This in turn has impacted the company’s ability to meet its March financial guidance, a company statement read. Lam said it is watching the situation closely and will be prioritizing the health and safety of its employees and partners. More information is expected to be released during the next earnings call.