Lam Research Shares Down 5.2%, Sees Fourth Straight Quarter of Falling Sales in 2Q
19 Ottobre 2023 - 1:45AM
Dow Jones News
By Ben Glickman
Shares of Lam Research fell after the company reported a third
consecutive quarter of falling sales, a trend it expects to
continue.
The stock was down 5.2% to $609.01 in after-hours trading on
Wednesday, and was 1.2% lower at the close. The shares are up 53%
this year.
Lam Research said after the market closed that it is forecasting
a decline in second-quarter results, and reported a drop in
first-quarter profit and revenue from a year ago.
The Fremont, Calif.-based chip-making equipment provider's
shares were down despite posting results that surpassed analysts'
estimates. Revenue in the first quarter sank 31% to $3.48 billion,
above the $3.42 billion expected by analysts.
Lam's earnings have been dragged lower in recent quarters by a
slump in the semiconductor industry.
Chief Executive Tim Archer said the company was seeing a
"cyclically soft year" for customers' spending on Lam's equipment,
but that the company was investing in future growth.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
October 18, 2023 19:30 ET (23:30 GMT)
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