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2024-04-25 04:52
Lam Research (NASDAQ:LRCX) posted stronger-than-expected financial results for the March quarter and solid guidance for the quarter in progress on Wednesday afternoon.
Lam stock slipped 1% during early post-market trading.
For the quarter-ended March 31, Lam reported earnings per share of $7.79, which easily topped analysts' consensus of $7.30 per share. Revenue of $3.79B also exceeded the consensus of $3.73B.
For the quarter-ending June 30, the Fremont, California-based company expects revenue of $3.8B, plus or minus $300M, versus the analysts' consensus of $3.78B. Lam projects earnings of $7.50 per share, plus or minus $0.75, versus the consensus of $7.31 for the quarter.
"As our customers address the challenges in scaling semiconductors to meet the power and speed requirements for driving AI transformation, Lam is strengthening its leadership and is well-positioned for the significant opportunities ahead," said Lam Research CEO Tim Archer.
The majority of revenue for Lam Research was from Asian markets, particularly China, which was the source for 42% of company revenue. In contrast, the U.S. and European markets accounted for 6% and 5%, respectively.
Lam plans to hold an earnings call at 5 p.m. EST to discuss the results.