Shares of Lam Research (NASDAQ: LRCX) experienced a decline of approximately 3.2% in after-hours trading, despite the company surpassing expectations in both earnings and guidance for its second fiscal quarter.
Lam Research reported adjusted earnings per share of $6.85, significantly surpassing the estimated figure of $6.12. The company’s revenue for the quarter stood at $3.48 billion, marking a 31% decrease compared to the previous year but still slightly exceeding the anticipated revenue of $3.41 billion.
Tim Archer, President and Chief Executive Officer of Lam Research, stated, “Lam continues to deliver strong results despite a cyclically soft year for wafer fabrication equipment spending. There are tremendous growth vectors ahead for Lam, and we are investing strategically to drive long-term outperformance.”
For the quarter ending on December 24, Lam Research anticipates revenue ranging from $3.4 billion to $4 billion. In contrast, analysts had projected FQ2 revenue to reach $3.65 billion.
Adjusted earnings per share for the upcoming quarter are expected to fall within the range of $6.25 to $7.75, ahead of the projected $6.79. Lam Research remains optimistic about its performance in the face of industry challenges, reflecting its ongoing commitment to long-term growth and success.
