市场分析普遍认为，此次"业绩利好、股价走跌"的背离现象，主要源于投资者对科磊估值处于历史高位 的担忧，以及对公司营收增速已连续三个季度放缓的警惕。 智通财经APP获悉，周五，科磊(KLAC.US)大跌10%，报1513.01美元。消息面上，科磊公布，截至2025 年12月31日的2026财年第二财季营收33亿美元，调整后每股收益8.85美元，均超出市场预期。然而，科 磊对第三财季的业绩指引未能满足市场预期。该公司第三财季指引显示，预计收入为33.5亿美元上下浮 动1.5亿美元。非GAAP稀释后每股收益预计为9.08美元上下浮动0.78美元。这一指引未能满足市场对加 速增长的期待。增长幅度相对温和，未能体现出人工智能驱动下的强劲加速态势。 ...

Market Movements - US stock index futures are all down, with Dow futures down 0.32%, S&P 500 futures down 0.37%, and Nasdaq futures down 0.49% [1] - European indices show positive movement, with Germany's DAX up 1.04%, UK's FTSE 100 up 0.45%, France's CAC40 up 0.76%, and the Euro Stoxx 50 up 1.04% [2][3] - WTI crude oil is down 0.61% at $65.02 per barrel, while Brent crude oil is down 0.73% at $69.08 per barrel [3][4] Market News - Trump's nomination of Kevin Warsh for the Federal Reserve chair may face hurdles due to ongoing investigations, with some Republican senators indicating they will block nominations until legal issues are resolved [5] - The financial market perceives Warsh as a more hawkish candidate compared to current chair Powell, potentially leading to tighter monetary policies [5] - Gold and silver prices have seen significant declines, with gold dropping over 5% to $5,099 per ounce and silver down over 12% to $101.4 per ounce, raising concerns about the sustainability of recent price increases [6] - The temporary agreement between Trump and Senate Democrats aims to prevent a government shutdown, although further negotiations are ongoing [6] Investment Strategies - Bank of America indicates that global stock markets are flashing sell signals, with 89% of MSCI stock index prices above their 50-day and 200-day moving averages, surpassing the 88% threshold considered a sell signal [7] - Jeff Gundlach, known as the "new bond king," advises avoiding the US market due to high inflation and a weakening dollar, recommending a 30%-40% allocation to non-US stocks, particularly emerging markets [8] Company News - Apple reported record Q1 earnings of $143.8 billion, a 16% year-over-year increase, driven by a 23% increase in iPhone revenue to $85.3 billion, with significant growth in the Greater China region [9] - Apple CEO Tim Cook announced a partnership with Google to develop a more personalized Siri, while also warning of supply constraints due to 3nm chip production limitations [10] - Sandisk's Q2 revenue is projected to grow 61.2% to $3.03 billion, exceeding market expectations, with a strong performance in data center and consumer segments [11] - Western Digital reported a 25% increase in revenue to $3.02 billion, with net profit surging 296%, driven by AI infrastructure demand [12] - KLA Corporation's Q2 revenue grew 7.2% to $3.3 billion, benefiting from AI infrastructure expansion, but concerns about valuation risks have emerged [13] - Visa's Q1 adjusted earnings were $3.17 per share, a 15% increase, with total payment volume reaching $3.87 trillion, exceeding expectations [14] - ExxonMobil's Q4 adjusted net profit was $1.71 per share, driven by increased oil production and refining margins, while Chevron's Q4 adjusted earnings were $1.52 per share, with plans for production growth [15][16] - Coterra Energy and Devon Energy are reportedly in talks for a potential merger, which could be one of the largest oil and gas deals in recent years [17]

Core Insights - KLA reported revenue of $3.3 billion for the quarter ended December 2025, reflecting a year-over-year increase of 7.2% and exceeding the Zacks Consensus Estimate of $3.26 billion by 1.02% [1] - The company's EPS for the quarter was $8.85, up from $8.20 in the same quarter last year, also surpassing the consensus estimate of $8.82 by 0.36% [1] Revenue Breakdown - Semiconductor Process Control revenues reached $3 billion, exceeding the average estimate of $2.94 billion, with a year-over-year increase of 9% [4] - Specialty Semiconductor Process revenues were $140.58 million, slightly below the estimated $144.58 million, showing a decline of 12.4% year-over-year [4] - Service revenues amounted to $786.05 million, surpassing the average estimate of $751.55 million, marking a year-over-year increase of 17.8% [4] - Product revenues were reported at $2.51 billion, slightly above the average estimate of $2.49 billion, with a year-over-year growth of 4.2% [4] - PCB and Component Inspection revenues totaled $152.18 million, below the average estimate of $159.69 million, reflecting a year-over-year decrease of 5.5% [4] Stock Performance - KLA's shares have returned 33.9% over the past month, significantly outperforming the Zacks S&P 500 composite, which saw a change of 0.8% [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Core Insights - KLA reported strong financial results for the December quarter, with revenue of $3.3 billion and a 17% year-over-year growth, driven by investments in advanced foundry/logic and memory technologies [1][4] - The company highlighted AI infrastructure demand as a significant growth driver, particularly in advanced logic, high bandwidth memory (HBM), and advanced packaging [2][6] - KLA's full-year results for 2025 showed record revenue of $12.745 billion, a 17% increase year-over-year, with a non-GAAP gross margin of 62.8% and a 29% rise in earnings per share [3][6] Financial Performance - KLA's non-GAAP diluted EPS for the December quarter was $8.85, while GAAP diluted EPS was $8.68 [1] - The company generated free cash flow of $4.4 billion, marking a 30% increase year-over-year, and returned $3 billion to shareholders through dividends and share repurchases [3][6] - The services business generated $786 million in revenue for the December quarter, reflecting an 18% year-over-year growth [8] Market Outlook - KLA guided for March quarter revenue of $3.35 billion ± $150 million and non-GAAP EPS of $9.08 ± $0.78, with expectations for the 2026 total WFE + packaging market to be in the mid-$130 billion range [5][14] - The company anticipates continued growth in advanced packaging, with year-over-year growth expectations in the mid- to high-teens [11] - Management expects the core WFE market to grow in the high single- to low double-digit percentage range, with advanced packaging projected to reach approximately $12 billion [15] Industry Dynamics - KLA noted that DRAM is expected to grow faster than foundry/logic, driven by HBM demand, with industry forecasts indicating DRAM growth of roughly 15%–20% [21] - The company is experiencing supply constraints, with many products virtually sold out in the first half of 2026, affecting shipment decisions made in mid-2025 [21] - Rising process control intensity in memory, particularly DRAM tied to HBM, is driving tighter requirements for inspection and metrology [13]

Group 1 - The core viewpoint of the article highlights that KLA Corporation (KLAC.US) reported record revenue of $3.3 billion for Q2 of fiscal year 2026, representing a year-over-year growth of approximately 7.2%, surpassing market expectations of $3.26 billion [1] - The company achieved a GAAP net profit of $1.15 billion, translating to a diluted earnings per share (EPS) of $8.68, compared to $6.16 in the same period last year [1] - Non-GAAP diluted EPS reached $8.85, exceeding the average analyst expectation of $8.80, driven by strong demand in advanced process logic chips and HBM-driven DRAM sectors [1] Group 2 - The CEO, Rick Wallace, emphasized KLA's dominant position in semiconductor process control, making it a key beneficiary as semiconductor manufacturers transition to more precise technology nodes [2] - Despite strong financial metrics and positive future outlook, KLA's stock price experienced a significant decline of over 8% in after-hours trading, reflecting market profit-taking due to concerns over high valuation and slowing revenue growth over the past three quarters [2] - The company's free cash flow of $1.26 billion, while robust, fell slightly short of some sell-side expectations, prompting the capital market to reassess its growth resilience amid cyclical fluctuations in the semiconductor industry [2]

KLA Corp beat Wall Street expectations for second-quarter revenue and profit on Thursday, as enterprises ramped up orders for its chip fabrication tools used to manufacture advanced artificial intelli... ...

Core Insights - KLA reported quarterly earnings of $8.85 per share, exceeding the Zacks Consensus Estimate of $8.82 per share, and showing an increase from $8.2 per share a year ago, resulting in an earnings surprise of +0.36% [1] - The company achieved revenues of $3.3 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.02% and up from $3.08 billion year-over-year [2] Earnings Performance - KLA has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] - The company’s shares have increased by approximately 33.9% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.9% [3] Future Outlook - The future performance of KLA's stock will largely depend on management's commentary during the earnings call and the earnings outlook for upcoming quarters [4][6] - Current consensus EPS estimate for the next quarter is $8.94 on revenues of $3.29 billion, and for the current fiscal year, it is $35.69 on revenues of $13.11 billion [7] Industry Context - KLA operates within the Electronics - Miscellaneous Products industry, which is currently ranked in the top 33% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - The correlation between near-term stock movements and earnings estimate revisions is strong, indicating that tracking these revisions can provide insights into stock performance [5]

Financial Data and Key Metrics Changes - For 2025, revenue grew 17% to a record $12.745 billion, with earnings per share increasing by 29% year-over-year [4][5] - KLA maintained industry-leading gross margins of 62.8% and operating margins of 43.6% [5] - Free cash flow increased by 30% to $4.4 billion, with total capital returns of $3 billion [5][9] Business Line Data and Key Metrics Changes - Process control systems revenue grew 19%, while the service business grew 15% for the year [6] - In the December quarter, KLA reported revenue of $3.3 billion, with non-GAAP diluted EPS of $8.85 and GAAP diluted EPS of $8.68 [6][10] - Advanced packaging revenue reached approximately $950 million for 2025, representing over 70% year-over-year growth [8] Market Data and Key Metrics Changes - The demand for AI infrastructure is driving growth in semiconductor manufacturing, particularly in advanced logic and high bandwidth memory [6][9] - KLA expects the core WFE market to grow in the high single- to low double-digit percentages, reaching the low $120 billion range in 2026 [13][14] - China’s WFE market is expected to be flat or slightly positive in 2026, contributing mid- to high-20% range to KLA's revenue [30] Company Strategy and Development Direction - KLA is focusing on supporting AI-driven semiconductor manufacturing and expanding its market share in advanced packaging [6][9] - The company plans to prioritize next-generation product development and infrastructure investments to support expected revenue growth [16] - KLA aims to capitalize on technology transitions and increasing process control intensity across all segments [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in KLA's ability to outperform the market in 2026, driven by strong customer momentum and expanding market share [14][18] - The company anticipates mid-single-digit revenue growth in the first half of 2026, with accelerating growth in the second half [15] - Management acknowledged supply constraints impacting growth but emphasized that they are managing customer expectations effectively [31][50] Other Important Information - KLA's effective tax rate for the quarter was 15%, with a guided tax rate of 14% for future projections [11][17] - The company ended the quarter with $5.2 billion in cash and cash equivalents, and $5.9 billion in debt [12] Q&A Session Summary Question: Clarification on WFE growth forecast - KLA's forecast for core WFE growth is around $110 billion for 2025, with advanced packaging expected to grow to approximately $12 billion in 2026, leading to a total market forecast in the mid-$130 billion range [25][26] Question: Supply constraints impact - KLA is virtually sold out across most products, with lead times extending due to supply constraints, particularly in optical components [31][49] Question: Growth in inspection and patterning - KLA expects continued growth in inspection and patterning, driven by increased demand for yield and manufacturability in semiconductor manufacturing [38][39] Question: Trajectory of gross margin - Management indicated that March is likely the low point for gross margins, with expectations for improvement as the year progresses [52][60] Question: DRAM process control intensity - KLA sees increasing demand for DRAM process control due to higher design complexity and the need for rigorous inspection [62][63]

Financial Data and Key Metrics Changes - For 2025, the company reported a revenue growth of 17% to a record $12.745 billion, with earnings per share increasing by 29% year-over-year [4][5] - Gross margins and operating margins were maintained at 62.8% and 43.6%, respectively, while free cash flow grew by 30% to $4.4 billion [5][6] - In the December quarter, revenue was $3.3 billion, with non-GAAP diluted EPS at $8.85 and GAAP diluted EPS at $8.68, reflecting a 17% year-over-year revenue growth [6][10] Business Line Data and Key Metrics Changes - The process control systems business revenue grew by 19%, while the service business grew by 15% for the year [6][8] - Advanced packaging revenue reached approximately $950 million for calendar 2025, representing over 70% year-over-year growth [8] - The service business generated $786 million in the December quarter, up 6% sequentially and 18% year-over-year, marking the 16th consecutive year of annual service revenue growth [8] Market Data and Key Metrics Changes - The company expects the core wafer fabrication equipment (WFE) market to grow in the high single- to low double-digit percentages, reaching the low $120 billion range in 2026 [13][14] - Advanced packaging is projected to grow similarly to approximately $12 billion, contributing to a total market forecast in the mid-$130 billion range [14] - China’s WFE market is expected to be flat or slightly positive in 2026, with the company estimating it to be in the mid- to high-$30 billion range [30] Company Strategy and Development Direction - The company is focused on supporting customers, investing in next-generation product development, and executing product roadmaps to drive productivity [15][18] - KLA aims to capitalize on technology transitions and growth drivers in the semiconductor industry, particularly in advanced packaging and process control [18][19] - The company is positioned to benefit from increasing demand for custom silicon and advanced process control solutions [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to outperform the market in 2026, driven by rising process control intensity and growth in advanced packaging [17][18] - The first half of 2026 is expected to see mid-single-digit revenue growth compared to the second half of 2025, with accelerating growth anticipated in the latter half [15][17] - Management noted supply constraints impacting growth potential, particularly in the first half of the year, but expressed optimism for the second half [31][50] Other Important Information - The company ended the quarter with $5.2 billion in cash and cash equivalents, and $5.9 billion in debt [12] - The effective tax rate for the quarter was 15%, with expectations for a planning tax rate of 14.5% for 2026 [11][17] - The company’s business model is designed to deliver 40%-50% incremental operating margin leverage on revenue growth over the long run [16] Q&A Session Summary Question: Clarification on WFE growth forecast - The company clarified that its forecast for WFE growth is around $110 billion for 2025, with advanced packaging contributing to a total of low $120s for 2026, differing from peers' higher estimates due to varying definitions of WFE [22][25] Question: Supply constraints impact - Management indicated that supply constraints are primarily due to long lead times for optical components, affecting first-half growth potential, but they expect to see acceleration in the second half of 2026 [48][50] Question: Growth in inspection and patterning - The company expects continued strong growth in inspection and patterning, driven by increased demand for yield and manufacturability, particularly in the context of AI and advanced memory technologies [37][39] Question: Trajectory of gross margins - Management anticipates that March will be the low point for gross margins, with expectations for gradual improvement throughout the year, driven by product mix and volume increases [52][60] Question: DRAM process control intensity - The company noted that DRAM process control intensity is increasing, driven by technological advancements and customer demand for higher performance, but it remains distinct from advanced logic [67][69]

Financial Data and Key Metrics Changes - For 2025, revenue grew 17% to a record $12.745 billion, with earnings per share increasing by 29% year-over-year, indicating strong profitability and leverage in the business model [4][5] - Gross margins and operating margins were reported at 62.8% and 43.6%, respectively, maintaining industry-leading levels [4] - Free cash flow increased by 30% to $4.4 billion, with total capital returns of $3 billion through dividends and share buybacks [4][9] Business Line Data and Key Metrics Changes - The process control systems business revenue grew 19%, while the service business grew 15% for the year [5] - In the December quarter, KLA reported revenue of $3.3 billion, with non-GAAP diluted EPS of $8.85 and GAAP diluted EPS of $8.68, reflecting a 17% year-over-year revenue growth [5][10] - Advanced packaging revenue for calendar 2025 was approximately $950 million, representing over 70% year-over-year growth [8] Market Data and Key Metrics Changes - The advanced packaging market is expected to grow in the mid- to high teens percentage range for calendar 2026, driven by faster-than-market growth for process control products [8][13] - The core wafer fabrication equipment (WFE) market is projected to grow in the high single- to low double-digit percentage range, reaching the low $120 billion range in 2026 [12][13] Company Strategy and Development Direction - KLA is focusing on supporting AI infrastructure demand and expanding its market share in advanced packaging, which is seen as a critical growth vector [5][9] - The company aims to maintain its leadership in process control systems while investing in next-generation product development and infrastructure to support expected revenue growth [18][20] - KLA's strategy includes addressing all growth phases in WFE and advanced packaging, optimizing yield in high-volume production environments [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to outperform the market in 2026, driven by multiple tailwinds and increasing process control intensity [20] - The first half of 2026 is expected to see mid-single-digit revenue growth compared to the second half of 2025, with accelerating growth anticipated in the latter half of the year [14][19] - Supply constraints are impacting growth potential, particularly in the first half of the year, but management is optimistic about ramping business in the second half [34][35] Other Important Information - KLA's effective tax rate for the quarter was 15%, with a planning tax rate of 14.5% for 2026 [11][19] - The company ended the quarter with $5.2 billion in cash and cash equivalents, and $5.9 billion in debt, maintaining a flexible bond maturity profile [12] Q&A Session Summary Question: Clarification on WFE growth forecast - Management explained the differences in WFE growth forecasts compared to peers, noting that their forecast includes traditional core WFE and advanced packaging, projecting a total market in the mid-$130 billion range for 2026 [25][27][28] Question: Supply constraints impact - Management indicated that supply constraints are primarily due to long lead times for optical components, affecting first-half growth potential, but they expect to see acceleration in the second half of 2026 [52][54][56] Question: Growth in inspection and patterning - Management expressed confidence in continued growth in inspection and patterning, driven by increased demand for advanced inspection technologies and the build-out for AI applications [40][42][43] Question: DRAM process control intensity - Management noted that while DRAM process control intensity is increasing, it is still not at the level of advanced logic due to design complexities, but they are optimistic about future growth in this area [71][72] Question: Foundry Logic growth expectations - Management highlighted that foundry logic is expected to grow, but the intensity of process control will depend on technology nodes and die sizes, with expectations for increased investments from customers [73][74]