Chip machine maker ASML said on Thursday it is to cut its workforce by 1,000 jobs because of the stagnating global economy.

In addition, some production units will be shut down temporarily next year.
‘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 CEO Eric Meurice in a statement.
The job losses represent some 10% of the workforce and mostly affect people on temporary contracts, ASML said. The company will also apply for help from the Dutch government’s short-time working scheme.
The company also downgraded its fourth quarter sales forecast from €530m to between €450m and €500m.
For the full ASML statement, click here