Earnings Results: Lam Research revenue declines, and that is not expected to change

by | Apr 19, 2023 | Stock Market

Lam Research Corp. revealed a revenue decline and projected another for the current quarter Wednesday, as the semiconductor industry continues to deal with inventory issues. Lam Research
reported fiscal third-quarter net income of $814 million, or $6.01 a share, compared with $7.30 a share, in the year-ago period. Adjusted earnings, which exclude amortization and other items, were $6.99 a share, compared with $7.40 a share in the year-ago quarter

Revenue fell to $3.87 billion from $4.06 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast adjusted earnings of $6.52 a share on revenue of $3.82 billion, based on Lam’s forecast of $5.75 to $7.25 a share on sales of $3.5 billion to $4.1 billion. Lam expects fiscal fourth-quarter adjusted earnings of $4.25 to $5.75 a share on sales of $2.8 billion to $3.4 billion, after producing revenue of $4.6 billion in the same quarter a year ago. Analysts on average were projecting earnings of $5.61 a share on revenue of $3.46 billion for the fourth quarter, according to FactSet. “With lower wafer-fabrication equipment spending in 2023, we are focused on managing costs while making strategic investments for critical manufacturing inflections,” Lam Research Chief Executive Tim Archer said in Wednesday’s announcement. The Fremont, Calif., chip-equipment supplier’s shares declined about 1% in after-hours trading, following a 0.9% de …

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