KLA 2Q Profit Falls Amid Continued Demand Weakness

KLA's profit fell in the fiscal second quarter as the company continued to grapple with weaker demand.

The Milpitas, Calif.-based company, which makes equipment for the semiconductor industry, posted a profit of $582.5 million, or $4.28 a share, in the quarter ended Dec. 31, compared with $978.8 million, or $6.89 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $5.66.

Stripping out certain one-time items, adjusted per-share earnings came to $6.16, ahead of the $5.91 forecast by analysts, according to FactSet.

Revenue fell to $2.49 billion from $2.98 billion a year earlier, beating the $2.46 billion expected by analysts polled by FactSet.

"While market conditions remain challenging in the near-term, with limited visibility regarding the timing of a resumption in sustainable demand, we believe our business has stabilized around current revenue levels," said Chief Executive Rick Wallace.

The company is forecasting fiscal third quarter revenue of $2.3 billion, plus or minus $125 million. Analysts polled by FactSet expect $2.45 billion in revenue.

The company is expecting third quarter per-share earnings of $4.93, plus or minus 60 cents. Analysts polled by FactSet expect $5.56 a share.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

January 25, 2024 16:44 ET (21:44 GMT)

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