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KLA Corp KLAC Stock Quote

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KLA Records Impressive Results and Guidance Despite China Restrictions; Shares Undervalued, $410 FVE

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

KLA reported fiscal 2023 first-quarter sales at the high end of management’s guidance, led by continued strength in the foundry and logic segments. Concerning the latest U.S. restrictions on exports to China, management said a meaningful amount of KLA’s business in China is in mature process technologies that are not the focus of the restrictions, though some systems and services will still be affected. The firm sees $100 million in lost sales to China in the December quarter and about $600 million-$900 million in calendar 2023, which represents about 10%-15% of total revenue. This is consistent with our estimates and factored into our unchanged $410 fair value estimate.

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Key Statistics KLAC

Company Profile KLAC

Business Description

KLA designs and manufactures yield-management and process-monitoring diagnostic and control systems for the semiconductor manufacturing industry. The systems are used to analyze the manufacturing process at various steps in a semiconductor's development. The firm's laser-scanning products are used for wafer qualification, process monitoring, and equipment monitoring. KLA also provides inspection tools and systems for optical metrology and e-beam metrology.

One Technology Drive
Milpitas, CA, 95035
T +1 408 875-3000
Industry Semiconductor Equipment & Materials
Most Recent Earnings Sep 30, 2022
Fiscal Year End Jun 30, 2023
Employees 14,280

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