Lam Research 4Q Profit Beats Expectations
28 July 2022 - 6:56AM
Dow Jones News
By Jeffrey T. Lewis.
Lam Research Corp.'s profit rose in the fourth quarter from a
year earlier, beating market expectations after revenue grew more
than costs.
The Fremont, Calif.-based semiconductor company reported net
income of $1.21 billion for the three months through June 26,
compared with $1.14 billion in the same period a year earlier.
Earnings per share reached $8.74 from $7.30 a year earlier and
adjusted earnings per share were $8.83.
The company had revenue of $4.64 billion, up from $4.15 billion
a year earlier. Its cost of goods sold rose to $2.54 billion from
$2.23 billion a year earlier and total operating expenses increased
to $621 million from $599 million.
The sales and profit figures beat market expectations. The
median forecast by analysts surveyed by FactSet was for revenue of
$4.2 billion and net income of $1 billion.
The company said it expects to have revenue of $4.9 billion,
plus or minus $300 million, in the quarter that will end on Sept.
25, along with earnings per share of $9.48 plus or minus 75
cents.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
July 27, 2022 16:41 ET (20:41 GMT)
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