Lam Research Q2 Earnings Miss, Shares Down 2%

Lam Research (NASDAQ: LRCX) shares were trading around 2% lower after-hours following the company’s Q2 earnings results, with EPS of $7.40 coming in below the consensus estimate of $7.51 and down 13% from the December quarter. Revenue was $4.06 billion, compared to the consensus estimate of $4.25 billion and down 4% from the December quarter.

Non-GAAP gross margin was 44.7% during the quarter, down 210bps from the December quarter. Operating income fell 260bps sequentially to 29.4%.

The company provided its Q3 outlook, expecting EPS to range from $6.50 to $8.00, compared to the consensus of $8.24, and revenue to range from $3.9 million to $4.5 billion, compared to the consensus of $4.46 billion.

The company repurchased $1.3 billion in stock during the quarter.

Shares of Lam Research are down 33% year-to-date.

By Davit Kirakosyan

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