Lam Research forecasts quarterly revenue above estimates fueled by AI boom
Tweet
Share
E-mail
FILE PHOTO: Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration/File Photo
(Reuters) - Chip-making tools supplier Lam Research forecast September quarter revenue above Wall Street estimates on Wednesday, anticipating a surge in orders from chip firms amid the AI boom.
The surge in demand for AI-powered chips has increased the need for wafer fabrication equipment, sophisticated and expensive tools essential for chip manufacturing, benefiting companies like Lam Research.
The Fremont, California-based company forecast revenue for the quarter ending September 29 to be between $4.05 billion plus or minus $300 million, compared with analysts' average estimate of $4.02 billion, according to LSEG data.
Lam Research competes with other major WFE suppliers including Applied Materials, Dutch firm ASML and KLA Corp.
Last week, KLA Corp forecast revenue and profit for its fiscal first quarter above expectations after posting better-than-expected results for the preceding three months.
The rising demand for high-performance computing and data centers has also fueled the need for memory semiconductors like dynamic random access memory (DRAM) and flash memory, which has in turn benefited suppliers of chip-making tools.
Lam, which counts Intel, Micron Technology, Samsung Electronics and TSMC among its customers, forecast adjusted net income per share of $8 plus or minus $0.75 for September quarter, in line with estimates.
Revenue for the quarter ended June 30 came in at $3.87 billion, beating analysts' average estimates of $3.82 billion.
Total revenue from China was 39% in the reported quarter, down slightly from 42% in the prior quarter.
Its adjusted profit per share in the quarter was $8.14, which also came ahead of the estimates of $7.58 per share.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Tasim Zahid)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Lam Research (LRCX) PT Raised to $450 at Wells Fargo
- Rubio faces tough task of selling Iran reset to wary Gulf allies
- European shares set to open lower as Fed rate hike bets, tech weakness weigh
Create E-mail Alert Related Categories
Earnings, ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
