Lam Research

(LRCX) - Get Report

said Wednesday it is lowering its previous revenue and earnings forecast and will take several cost-cutting measures due to continuing weakness in the semiconductor industry.

The semiconductor equipment manufacturer said its previous revenue forecast on Jan. 23 of $480 million to $490 million is "at risk" and could decline by as much as 15%. The revenue shortfall would impact third-quarter earnings, the company added, through it didn't provide any specifics.

Lam previously estimated it would earn 48 cents a share in the third quarter, one cent higher than the current consensus estimate of 21 analysts surveyed by

First Call/Thomson Financial

. In the same period, one-year ago, the company earned 37 cents a share.

"Our customers continue to report slowing end-user demand and softening business conditions. Their capital spending plans are being adjusted accordingly. These factors have resulted in a reduction in new equipment orders, delivery push-outs and cancellations of systems in our backlog," the company said.

Lam said its cost-reduction plan includes 10% salary cuts for board members and executive staff, a review of discretionary spending and five mandatory shutdown days per quarter.

Shares of Lam Research lost $1.50, or 6.5%, to close at $21.50 Wednesday on the

Nasdaq

.