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Mar 26, 2023
Lam Research Q3 2023 Earnings Report
Lam Research's financial performance decreased due to lower wafer fabrication equipment spending.
Key Takeaways
Lam Research reported revenue of $3.87 billion and a GAAP EPS of $6.01 for the quarter ended March 26, 2023. The company's performance was impacted by lower wafer fabrication equipment spending. However, the company delivered solid March quarter performance, including record foundry-related revenues.
Revenue was $3.87 billion.
U.S. GAAP gross margin was 41.5%, U.S. GAAP operating income as a percentage of revenue was 24.4%, and U.S. GAAP diluted EPS was $6.01.
Non-GAAP gross margin was 44.0%, non-GAAP operating income as a percentage of revenue was 28.3%, and non-GAAP diluted EPS was $6.99.
Cash and cash equivalents, short-term investments, and restricted cash and investments balances increased to $5.6 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the quarter ended June 25, 2023, Lam is providing the following guidance: Revenue $3.1 Billion+/-$300 Million, Gross margin as a percentage of revenue 43.2%+/-1%, Operating income as a percentage of revenue 24.3%+/-1%, Net income per diluted share $4.75+/-$0.75, Diluted share count 134 million
Positive Outlook
- Revenue guidance: $3.1 Billion +/- $300 Million
- Gross margin as a percentage of revenue guidance: 43.2% +/- 1%
- Operating income as a percentage of revenue guidance: 24.3% +/- 1%
- Net income per diluted share guidance: $4.75 +/- $0.75
- Diluted share count: 134 million
Challenges Ahead
- Potential impact of business combinations
- Asset acquisitions
- Divestitures
- Balance sheet valuation adjustments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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