ASML Cuts Jobs, Slashes Sales Guidance

Dutch semiconductor equipment maker ASML(ASML Quote) plans to cut its work force by 10% and expects sales to decline because of a "severe deterioration" in orders resulting from the global economic crisis.

"Never before have we witnessed such a sharp and sudden fall-off in lithography system demand, triggered by an unprecedented mix of falling end-demand for semiconductors, weak memory prices and restricted access to capital for our customers," said Eric Meurice, ASML's president and CEO, in a statement Thursday.

ASML said it expects fourth-quarter sales of between 450 million euros ($650.6 million) to 500 million euros, compared with previous guidance issued in October of 530 million euros. The company also said sales for the first six months of 2009 would be "substantially lower," with first-quarter sales coming in at 180 million euros to 250 million euros. ...