Financial Data and Key Metrics - Revenue for the March quarter was $3.79 billion, roughly flat with the prior quarter [40] - Gross margin for the March quarter was 48.7%, above the December quarter level of 47.6% [27] - Operating margin for the March quarter was 30.3%, in line with the December quarter level of 30% [27] - Diluted earnings per share for the March quarter was $7.79, towards the higher end of the guided range [42] - Cash and short-term investments at the end of the March quarter totaled $5.7 billion, up from $5.6 billion at the end of the December quarter [42] Business Line Data and Key Metrics - Systems revenue in the memory segment was 44% in the March quarter, down from 48% in the prior quarter [40] - DRAM represented 23% of systems revenue in the March quarter, down from 31% in the December quarter [40] - Non-volatile memory represented 21% of systems revenue in the March quarter, up from 17% in the prior quarter [16] - Foundry segment represented 44% of systems revenue in the March quarter, up from 38% in the December quarter [16] - Logic and other segments were 12% of systems revenue in the March quarter, down from 14% in the prior quarter [16] Market Data and Key Metrics - China region revenue was 42% in the March quarter, up from 40% in the prior quarter [70] - Korea region revenue was 24% in the March quarter, up from 19% in the December quarter [70] - Spares revenue saw double-digit percent growth quarter-over-quarter in the March quarter [34] - Reliant systems revenue decreased in the March quarter due to continued weakness in mature node investments [41] Company Strategy and Industry Competition - The company is investing in differentiated approaches, including putting more capabilities and resources close to customers and leveraging proprietary Semiverse solutions digital twin capabilities [35] - The company is well-positioned for architectural and material changes such as gate-all-around, advanced packaging, backside power delivery, and the move to dry photoresist [72] - The company expects to benefit from powerful secular drivers of semiconductor growth and innovation, including generative AI and other emerging smart applications [25] Management Commentary on Operating Environment and Future Outlook - Industry WFE spending for calendar 2024 is expected to be in the low to mid $90 billion range, with a modest increase from the prior view [33] - The company expects China region spending to increase year-over-year in 2024 but decline as the year progresses [70] - The company sees a strong setup developing for 2025 NAND spending as supply and demand continue to normalize [34] - The company expects AI's impact on storage to be a key vector of long-term growth for the NAND business [36] Other Important Information - The company ended the March quarter with approximately 17,200 regular full-time employees, flat with the prior quarter [28] - Capital expenditures in the March quarter were $104 million, down $12 million from the December quarter [28] - The company allocated approximately $860 million to share repurchases and paid $263 million in dividends in the March quarter [71] Q&A Session Summary Question: High aspect ratio etch for NAND market share dynamics [44] - The company has an installed base of Cryo Etch tools approaching 1,000 chambers and continues to defend market share in high aspect ratio etch for NAND [63] Question: Gross margin moderation in the June quarter [21] - Gross margin decline in the June quarter is reflective of a quarter-to-quarter change in customer mix, with China region spending expected to modulate through the year [45] Question: China region moderation and segment specifics [52] - China region revenue came in as expected in the March quarter, with no specific segment-level color for the expected moderation in the second half [95] Question: Advanced packaging revenue opportunity [67] - The company expects advanced packaging equipment revenue to exceed $1 billion in 2024, with strong long-term growth potential [77] Question: Transition from tungsten to molybdenum in NAND [78] - The transition to molybdenum in NAND is an important inflection for the industry, with significant device benefits and cost and technology advantages [79] Question: HBM growth and market dynamics [80] - The company expects HBM-related shipments to grow more than three times in calendar year 2024, driven by AI enablement and increased demand for high bandwidth memory [81] Question: Customer classification in NAND and DRAM [82] - The company classified one customer's investment in specialty DRAM as a non-volatile investment due to its non-volatile component, which may differ from industry classifications [82] Question: Reliant business changes and profitability [83] - The company expects the Reliant business to remain mostly as a new tool trailing etch node business, with limited movement towards refurbished tools [83] Question: Capital intensity of upgrades versus greenfield investments for NAND [85] - In an upgrade-heavy cycle, the company expects to capture a higher percentage of WFE, with revenue opportunities similar to greenfield investments due to higher capture rates [112] Question: CHIPS Act impact and timing of potential orders [107] - The company expects CHIPS Act-related opportunities to be more of a 2025, 2026, and 2027 timeframe, with significant investment targeted towards leading-edge nodes [54] Question: NAND improvement trajectory into 2025 [102] - The company is in the early stages of seeing NAND spending recover, with significant upgrade activity expected in 2025 as customers move towards more efficient technology nodes [102] Question: DRAM capacity and HBM dynamics [138] - The company highlighted the additional tools needed to enable HBM, with DRAM equipment requirements increasing due to larger die sizes and TSV integration [138] Question: Gate-all-around technology and revenue opportunity [139] - The company expects over $1 billion in shipments for gate-all-around nodes in 2024, with growth opportunities in selective etch and ALB product portfolios [139] Question: AI server penetration and WFE impact [141] - The company reiterated that every 1% increase in AI server penetration drives $1 billion to $1.5 billion in WFE, with utilization rates now recovering and driving spending levels consistent with this estimate [141]

Lam Research (LRCX) came out with quarterly earnings of $7.79 per share, beating the Zacks Consensus Estimate of $7.26 per share. This compares to earnings of $6.99 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.30%. A quarter ago, it was expected that this semiconductor equipment maker would post earnings of $7.06 per share when it actually produced earnings of $7.52, delivering a surprise of 6.52%.Over the last four quart ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Lam Research Corporation Reports Financial Results for the Quarter Ended March 31, 2024 FREMONT, Calif., April 24, 2024 - Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended March 31, 2024 (the “March 2024 quarter”). Highlights for the March 2024 quarter were as follows: • Revenue of $3.79 billion. • U.S. GAAP gross margin of 47.5%, U.S. GAAP operating income as a percentage of revenue of 27.9%, and U.S. G ...

After enduring a downturn in 2023, the semiconductor industry has been steadily making a rebound. A period of sluggishness due to various economic challenges and supply-chain disruptions appears to be receding, paving the way for a rebound.This is evident from the monthly data on global semiconductor sales from the Semiconductor Industry Association (“SIA”). On Apr 3, SIA reported that global semiconductor sales increased 16.3% year over year in February 2024 to $46.2 billion. This year-over-year growth tre ...

Lam Research (LRCX) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Individual investors often find i ...

The company certainly feels like the right kind of business at the right time for its market.The stock of semiconductor equipment maker Lam Research (LRCX -5.29%) has done very well of late (it's up 87% over the past year), yet one pundit tracking the company believes it can go even higher. In his view, the stock is well positioned to break through the $1,000-per-share level, setting a new all-time-high share price.Stifel analyst feels Lam Research could touch a new record highIn mid-April, Stifel Financial ...

In the latest market close, Lam Research (LRCX) reached $965.04, with a +1.99% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.03%. At the same time, the Dow added 0.41%, and the tech-heavy Nasdaq gained 0.12%.The semiconductor equipment maker's stock has climbed by 2.26% in the past month, exceeding the Computer and Technology sector's loss of 0.55% and the S&P 500's loss of 0.9%.Investors will be eagerly watching for the performance of Lam Research ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Lam Research (LRCX) , which belongs to the Zacks Semiconductor Equipment - Wafer Fabrication industry.This semiconductor equipment maker has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 9.68%.For the most recent quarter, Lam Researc ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Lam Research (LRCX) .Lam Research currently has an average brokerage recom ...

MF3d Lam Research (NASDAQ:LRCX) is the stalwart backbone of the semiconductor industry producing the wafer fabrication equipment required to produce semiconductors worldwide. While it doesn't have the monopoly status of ASML Holdings (ASML) with its advanced EUV lithography machines, it is an integral and essential part of the semiconductor food chain, without which most of the industry would not survive. I own it and had planned to recommend it several times but often baulked at the cyclical, commodity ...