Lam Research to trim 7% of workforce, increase R&D spending as memory-chip crunch hits outlook

Lam Research Corp. shares declined in the extended session Wednesday after the silicon-foundry equipment supplier said it will cut its workforce by 7%, while increasing the portion it spends on R&D, as a big drop in memory-chip demand sours its outlook.

Lam Research LRCX shares declined as much as 4% after hours, following a 0.2% decline to close the regular session at $488.40.

The…