updated 11/11/2009 4:42:19 PM ET 2009-11-11T21:42:19

Applied Materials is laying off 1,300 to 1,500 people over the next year and a half to cut costs as the company grapples with a downturn in business.

The chip equipment maker said Wednesday the job cuts represent 10 to 12 percent of its global work force and are part of a restructuring plan to save $450 million a year.

Applied Materials reported a 40 percent drop in fourth-quarter net income to $138 million, or 10 cents per share. Revenue fell 25 percent to $1.53 billion.

Results beat the 3-cents per share in profit expected by analysts polled by Thomson Reuters, and exceeded their revenue forecast of $1.32 billion.

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