Lam Research beats revenue expectations in Q3, provides strong guidance

From StockStory: 2024-10-23 16:46:04

Lam Research (NASDAQ:LRCX) beat Wall Street’s revenue expectations for Q3 CY2024, with sales up 19.7% year on year to $4.17 billion. Guidance for next quarter’s revenue also topped estimates at $4.3 billion. The company’s non-GAAP profit of $0.86 per share was 6.5% above consensus estimates. Lam Research is a leading provider of wafer fabrication equipment in the semiconductor industry, which is being driven by demand for advanced electronic products and technologies like AI and 5G. The company reported 10.4% annualized revenue growth over the last five years but saw a pivot in recent years with revenue declining 6.9% annually. Lam Research’s recent revenue growth of 19.7% exceeded estimates by 2.7%, and sell-side analysts expect 16.1% growth over the next 12 months. Inventory levels are an important factor for chipmakers, and Lam Research’s Days Inventory Outstanding (DIO) of 177 suggests higher inventory levels than in the past. The company’s Q3 results impressed analysts, leading to a 5.5% increase in stock price immediately following the earnings report.



Read more at StockStory: Beats On Revenue, Stock Soars