FREMONT, Calif. - Lam Research Corporation (NASDAQ:LRCX), a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry, today reported financial results for the first quarter ended March 31, 2024. Following the announcement, the stock was down 3.3% in aftermarket trading.
The company announced a revenue of $3.79 billion, surpassing the analyst consensus estimate of $3.72 billion. Adjusted earnings per share (EPS) for the quarter stood at $7.79, exceeding expectations by $0.50, with analysts predicting $7.29.
Compared to the same quarter last year, the company's revenue showed resilience, maintaining a steady performance. The reported adjusted EPS represents a significant improvement, illustrating the company's ability to generate robust profits amidst a dynamic market environment.
Lam Research provided guidance for the second quarter of 2024, projecting revenues to range between $3.5 billion and $4.1 billion. This forecast sets the mid-point at $3.8 billion, which is slightly above the analyst consensus of $3.77 billion, indicating a cautiously optimistic outlook from the company.
Tim Archer, President and Chief Executive Officer of Lam Research, commented on the results, "With solid revenue and earnings per share performance in the March quarter, Lam is off to a strong start in calendar 2024. 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."
The company's financial stability is further underscored by its cash and cash equivalents, short-term investments, and restricted cash and investments balances, which saw a slight increase to $5.7 billion at the end of the first quarter, compared to $5.6 billion at the end of the previous quarter.
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