Lam Research 3Q Profit Fell as Sales Declined

marketwatch2023-04-19

Lam Research Corp.'s profit declined in its third quarter from a year earlier and fell short of market expectations as sales declined.

The Fremont, Calif.-based, semiconductor company reported net income of $814 million for the three-months ended March 26, compared with $1.02 billion in the same period a year earlier. Earnings per share was $6.01 versus $7.30 a year earlier, and adjusted earnings per share fell to $6.99 from $7.40. The company had revenue of $3.87 billion in the quarter, down from $4.06 billion a year earlier.

The sales figure beat market expectations, while profit came up short. The median forecast by analysts surveyed by FactSet was for revenue of $3.82 billion in the quarter and net income of $848 million.

The company said it expects to have revenue of $3.1 billion, plus or minus $300 million, in the quarter that will end on June 25, along with earnings per share of $4.75, plus or minus 75 cents, and adjusted earnings per share of $5.00, plus or minus 75 cents.

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