Lam Research 1Q Profit, Revenue Plunge

By Sabela Ojea

Lam Research said profit and revenue plunged in its first quarter as the semiconductor industry remains under pressure in the U.S.

The Fremont, Calif.-based company which manufactures and services equipment used to make semiconductors on Wednesday posted a profit of $887.4 million, or $6.66 a share, compared with $1.43 billion, or $10.39 cents a share, for the same period a year earlier.

Stripping out one-time items, earnings per share came in at $6.85. Analysts polled by FactSet had forecast adjusted earnings per share of $6.15.

First-quarter revenue plunged 31% to $3.48 billion, beating analysts expectations of $3.42 billion, according to FactSet.

Lam Research is seeing a cyclically soft year for wafer fabrication equipment spending, but it "is investing strategically to drive long-term outperformance," President and Chief Executive Tim Archer said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 18, 2023 16:59 ET (20:59 GMT)

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