LRCX - Lam Research slips even as Q3 results top expectations

April, 19 2023 04:13 PM Lam Research Corporation

2023-04-19 16:15:29 ET

Lam Research ( NASDAQ: LRCX ) shares fell around 1% in extended-hours trading even as the semiconductor equipment maker reported fiscal third-quarter results that topped expectations and offered fourth quarter guidance.
For the period ending March 26, Lam Research ( LRCX ) said it earned $6.99 on $3.87B in sales. A consensus of analysts were expecting the company to earn $6.53 per share on $3.85B in sales.
Lam ended the period with $5.6B in cash, up from $4.8B in the December quarter.
Looking ahead, the company said it expects fiscal fourth-quarter sales to be $3.1B, plus or minus $300M, with gross margins 43.2%, plus or minus 1%. It expects earnings to be $4.75 per share, plus or minus 75 cents. Analysts are expecting $3.45B in revenue, gross margins of 43.7% and $5.55 per share in earnings.
Lam Research ( LRCX ) will hold a conference call at 5 p.m. EST to discuss the results.
Earlier this month, Citi reiterated its preference for Lam Research ( LRCX ) and several other semiconductor-related equipment and component companies heading into earnings .

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