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Lam Research Corp (NASDAQ:LRCX) reported Q3 2023 revenue of $3.48 billion, marking an 8.6% increase from the previous quarter.
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GAAP gross margin stood at 47.5%, with operating income as a percentage of revenue at 29.4%.
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GAAP diluted EPS was $6.66, a significant increase of 11.6% from the previous quarter.
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Non-GAAP gross margin was 47.9%, with non-GAAP operating income as a percentage of revenue at 30.1% and non-GAAP diluted EPS at $6.85.
On October 18, 2023, Lam Research Corp (NASDAQ:LRCX) released its financial results for the quarter ended September 24, 2023. The company reported robust growth, with revenue reaching $3.48 billion, an 8.6% increase from the previous quarter. The GAAP gross margin stood at 47.5%, and operating income as a percentage of revenue was 29.4%. The GAAP diluted EPS was $6.66, marking an 11.6% increase from the previous quarter.
Financial Highlights
Non-GAAP figures also showed strong performance. The non-GAAP gross margin was 47.9%, with non-GAAP operating income as a percentage of revenue at 30.1%. The non-GAAP diluted EPS was $6.85, a significant increase of 14.5% from the previous quarter.
Lam Research Corp (NASDAQ:LRCX) continues to deliver strong results despite a cyclically soft year for wafer fabrication equipment spending. “There are tremendous growth vectors ahead for Lam, and we are investing strategically to drive long-term outperformance,” said Tim Archer, Lam Researchs President and Chief Executive Officer.
Balance Sheet and Cash Flow Results
The company’s cash and cash equivalents, short-term investments, and restricted cash and investments balances decreased to $5.2 billion at the end of the September 2023 quarter, compared to $5.6 billion at the end of the June 2023 quarter. This decrease was primarily due to $843 million of share repurchases, $253 million of debt repayment, and $230 million of dividends paid to stockholders, partially offset by $951 million of cash generated from operating activities.
Revenue Distribution and Outlook
The geographic distribution of revenue during the September 2023 quarter showed China contributing 48%, followed by Korea at 16%, Japan at 9%, the United States at 8%, Taiwan and Europe each at 7%, and Southeast Asia at 5%. For the quarter ending December 24, 2023, Lam Research Corp (NASDAQ:LRCX) is providing a revenue guidance of $3.7 billion, with a gross margin as a percentage of revenue at 46.5% and operating income as a percentage of revenue at 28.6%.
Lam Research Corp (NASDAQ:LRCX) is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. The company’s equipment and services allow customers to build smaller and better-performing devices. Lam Research (Nasdaq: LRCX) is a FORTUNE 500 company headquartered in Fremont, Calif., with operations around the globe.
This article first appeared on GuruFocus.
