BUSINESS BRIEFING
Times Wire Reports
Applied Materials Inc., the world’s largest producer of chip-making gear, posted lower quarterly profit but beat analyst estimates and said it planned to cut jobs.
Net income in the fourth quarter fell to $137.9 million, or 10 cents a share, compared with $231.1 million, or 17 cents a share, in the year-ago period. Revenue fell to $1.53 billion from $2.04 billion a year earlier.
The Santa Clara, Calif., company plans to cut up to 1,500 jobs, or up to 12% of its global workforce, over 18 months to reduce costs.
