Lam Research (LRCX) - Get Lam Research Corporation (LRCX) Report was up 1.8% in preopen Island trading. After the close Wednesday the chip equipment maker posted third-quarter earnings of 33 cents per share, missing the lowered Thomson Financial/First Call estimate of 36 cents.

Lam also said it will cut 15% of its workforce amid the ongoing slump in the semiconductor industry.

The company said it sees orders improving in the June quarter but the outlook remains uncertain. Lam set an earnings estimate of 15 cents per share before charges for the fourth quarter.

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lowered its 2001 and 2002 earnings estimates for the company.