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Sep 24, 2023
Lam Research Q1 2024 Earnings Report
Reported strong results for the quarter ended September 24, 2023.
Key Takeaways
Lam Research reported revenue of $3.48 billion and a GAAP EPS of $6.66 for the quarter ended September 24, 2023. The company continues to deliver strong results despite a cyclically soft year for wafer fabrication equipment spending.
Revenue of $3.48 billion.
U.S. GAAP gross margin of 47.5%, U.S. GAAP operating income as a percentage of revenue of 29.4%, and U.S. GAAP diluted EPS of $6.66.
Non-GAAP gross margin of 47.9%, non-GAAP operating income as a percentage of revenue of 30.1%, and non-GAAP diluted EPS of $6.85.
Cash and cash equivalents, short-term investments, and restricted cash and investments balances decreased to $5.2 billion.
Revenue by Segment
Forward Guidance
For the quarter ended December 24, 2023, Lam is providing the following guidance: Revenue $3.7 Billion+/-$300 Million, Gross margin as a percentage of revenue 46.5%+/-1%, Operating income as a percentage of revenue 28.6%+/-1%, Net income per diluted share $6.78+/-$0.75.
Positive Outlook
- Revenue $3.7 Billion+/-$300 Million
- Gross margin as a percentage of revenue 46.5%+/-1%
- Operating income as a percentage of revenue 28.6%+/-1%
- Net income per diluted share $6.78+/-$0.75
- Diluted share count 132 Million
Challenges Ahead
- Potential impact of any business combinations
- Asset acquisitions
- Divestitures
- Restructuring
- Balance sheet valuation adjustments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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