Lam Research Stock Slips Despite Solid Earnings-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Lam Research Stock Slips Despite Solid Earnings

Dow Jones04-25

Lam Research's latest quarterly results came in slightly above Wall Street estimates, but the stock still slipped modestly Wednesday.

For the March quarter, the semiconductor equipment company reported revenue of $3.8 billion, up 0.9% from a year earlier. The result was just above the midpoint of the company's guidance range, and a little ahead of the Street consensus as tracked by FactSet at $3.7 billion.

On an adjusted basis, Lam earned $7.79 a share, beating both the midpoint of the company's guidance range at $7.25 and the consensus estimate at $7.30 a share.

"With solid revenue and earnings per share performance in the first quarter, Lam is off to a strong start in calendar 2024," Lam CEO Tim Archer said in a statement. "As our customers address the challenges in scaling semiconductors to meet the power and speed requirements for driving AI [artificial intelligence[ transformation, Lam is strengthening its leadership and is well-positioned for the significant opportunities ahead."

Lam stock was off 2.36% to $864 in after-hours trading Wednesday.

For the June quarter, the company sees revenue of $3.8 billion, give or take $300 million, with non-GAAP earnings of $7.50 a share, give or take 75 cents. Street consensus for the quarter stands at $3.78 billion in revenue and profits on an adjusted basis of $7.30 a share.

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