{"id":74241,"date":"2023-10-19T00:17:54","date_gmt":"2023-10-19T04:17:54","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/lam-research-earnings-top-street-view-but-outlook-virtually-in-line-with-consensus\/"},"modified":"2023-10-19T00:17:58","modified_gmt":"2023-10-19T04:17:58","slug":"lam-research-earnings-top-street-view-but-outlook-virtually-in-line-with-consensus","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74241","title":{"rendered":"Lam Research earnings top Street view, but outlook virtually in line with consensus"},"content":{"rendered":"
\n

Lam Research Corp. shares slipped in the extended session Wednesday even after the wafer-fab-equipment market\u2019s results topped Wall Street expectations and its earnings forecast midpoint was a penny more than the consensus estimate. <\/p>\n

Lam
\n LRCX,
\n -1.19%<\/bg-quote>
\n shares fell 4.5% after hours, following a 1.2% decline to close the regular session at $642.24. <\/p>\n

\n

The company reported fiscal first-quarter net income of $887.4 million, or $6.66 a share, down from $1.43 billion, or $10.39 a share, in the year-ago period. Adjusted earnings fell to $6.85 a share from $10.42 in the year-ago period. <\/p>\n

Analysts analysts surveyed by FactSet had forecast first-quarter adjusted earnings of $6.15 a share, based on the company\u2019s forecast of $5.30 to $6.80 per share.<\/p>\n

Revenue for the quarter fell to $3.48 billion from $5.07 billion in the year-ago period.<\/p>\n

Meanwhile, the Street had forecast revenue of $3.42 billion, based on a company forecast of $3.1 billion to $3.7 billion.<\/p>\n

The company said it expects fiscal second-quarter earnings of $6.03 to $7.53 a share on revenue of $3.4 billion to $4 billion. <\/p>\n

Analysts had estimated second-quarter earnings of $6.77 a share on expected revenue of $3.65 billion.<\/p>\n

\u201cLam continues to deliver strong results despite a cyclically soft year for wafer fabrication equipment spending,\u201d said\u00a0Tim Archer, Lam Research\u2019 chief executive, in a statement. \u201cThere are tremendous growth vectors ahead for Lam, and we are investing strategically to drive long-term outperformance.\u201d<\/p>\n

Lam makes the very complicated clean-room machinery used by foundries like Taiwan Semiconductor Manufacturing Co.
\n TSM,
\n -1.54%<\/bg-quote>
\n to process the silicon for chips designed by Nvidia Corp.
\n NVDA,
\n -3.96%<\/bg-quote>
\n and Apple Inc.
\n AAPL,
\n -0.74%<\/bg-quote>.<\/span>\n <\/p>\n

While the U.S. government widened a ban on sales of artificial-intelligence technology to China on Tuesday, analysts were doubtful the new rules would hurt Lam in a material way.<\/p>\n

Earlier Wednesday, Netherlands-based ASML Holding NV
\n ASML,
\n -4.17%<\/bg-quote>
\n said orders were lower than what the company had reported in previous quarters, and that customers had become \u201cvery cautious with cash.\u201d ASML also said the widened China restrictions would affect only a \u201climited number\u201d of facilities and have a minimal impact on revenues.\u00a0<\/p>\n

ASML shares closed down more than 4% Wednesday.<\/p>\n

Year to date, Lam Research shares have surged 52.8%, compared with a 34.8% rally in the PHLX Semiconductor Index\u00a0
\n SOX,
\n -1.76%<\/bg-quote>,<\/span>
\n \u00a0a 12.4% gain for the S&P 500
\n SPX,
\n -1.34%<\/bg-quote>
\n and a 27.2% rise in the tech-heavy Nasdaq Composite Index
\n COMP.<\/span>\n <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Lam Research Corp. shares slipped in the extended session Wednesday even after the wafer-fab-equipment market\u2019s results topped Wall Street expectations and its earnings forecast midpoint was a penny more than the consensus estimate. Lam LRCX, -1.19% shares fell 4.5% after hours, following a 1.2% decline to close the regular session at $642.24. The company reported […]<\/p>\n","protected":false},"author":1,"featured_media":41122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-74241","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nLam Research earnings top Street view, but outlook virtually in line with consensus | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Lam Research Corp. shares slipped in the extended session Wednesday even after the wafer-fab-equipment market\u2019s results topped Wall Street expectations\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=74241\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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