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Earnings Results: Lam Research announces 1,300 layoffs, 7% of workforce, as outlook looks bleak

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Lam Research Corp. shares declined in the extended session Wednesday after the silicon-foundry equipment supplier forecast results for the current quarter that fell well below the Wall Street consensus, while announcing unspecified cost cuts.

Lam Research LRCX shares fell 3% after hours, following a 0.2% decline to close the regular session at $488.40.

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