Lam Research 1Q Profit, Revenue Plunge
19 October 2023 - 8:14AM
Dow Jones News
By Sabela Ojea
Lam Research said profit and revenue plunged in its first
quarter as the semiconductor industry remains under pressure in the
U.S.
The Fremont, Calif.-based company which manufactures and
services equipment used to make semiconductors on Wednesday posted
a profit of $887.4 million, or $6.66 a share, compared with $1.43
billion, or $10.39 cents a share, for the same period a year
earlier.
Stripping out one-time items, earnings per share came in at
$6.85. Analysts polled by FactSet had forecast adjusted earnings
per share of $6.15.
First-quarter revenue plunged 31% to $3.48 billion, beating
analysts expectations of $3.42 billion, according to FactSet.
Lam Research is seeing a cyclically soft year for wafer
fabrication equipment spending, but it "is investing strategically
to drive long-term outperformance," President and Chief Executive
Tim Archer said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 18, 2023 16:59 ET (20:59 GMT)
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