NOVELLUS SYSTEMS JOINS LAYOFF FRAY

San Jose - In what is becoming an almost daily occurrence, layoffs have been announced at another Silicon Valley company. Novellus Systems says it will be cutting 350 jobs, or about 10% of its workforce.

Novellus also says it is lowering its 4th quarter revenue estimates and cutting its CEO's salary in half. The company blames the economic downturn and expects to lose ten percent of its bookings, shipments and revenue for the 4th quarter.

It is unknown how many jobs in the Bay Area will be affected by the layoffs. The announcement comes on the heels of layoff notices by Adobe, Yahoo and Netflix.