Milan Markovic Investment Thesis I wrote on Lam Research (NASDAQ:LRCX) in early April, ahead of management reporting the third quarter of FY2024 earning results. The investment thesis I proposed then played out this quarter; I had noted, "I expect Lam to continue to outperform as the industry's wafer fabrication equipment spend, or WFE increases, to keep up with the appetite for advanced tech to keep up with the AI boom." And this quarter, management revised its 2024 wafer fab equipment market from $85 bill ...

FREMONT, Calif., May 16, 2024 /PRNewswire/ -- Lam Research Corporation (Nasdaq: LRCX) today announced that its Board of Directors has approved a quarterly dividend of $2.00 per share of common stock. The dividend payment will be made on July 10, 2024, to holders of record on June 18, 2024. Future dividend payments are subject to review and approval by the Board of Directors. About Lam Research: Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semico ...

Lam Research (LRCX) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Shares of this semiconductor equipment maker have returned -7.7% over the past month versus the Zacks S&P 500 composite's +0.2% change. The Zacks Semiconductor Equipment - Wafer Fabrication industry, to which Lam Research belongs, has lost 6% over this period. Now the key question is: Where could the stock be he ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-12933 ___________________________________________________________ LAM RESEARCH CORPORATION (Exact name of registrant as specified ...

Have you looked into how Lam Research (LRCX) performed internationally during the quarter ending March 2024? Considering the widespread global presence of this semiconductor equipment maker, examining the trends in international revenues is essential for assessing its financial resilience and prospects for growth. The global economy today is deeply interlinked, making a company's engagement with international markets a critical factor in determining its financial success and growth path. It has become essen ...

Lam Research Corporation Cautionary statement regarding forward-looking | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------|-------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Lam Research Corporation (LRCX) delivered third-quarter fiscal 2024 non-GAAP earnings of $7.79 per share, which surpassed the Zacks Consensus Estimate by 7.3%. The figure increased 11.4% from the year-ago quarter.Revenues of $3.79 billion surpassed the Zacks Consensus Estimate of $3.70 billion. The figure declined 2% year over year. This was primarily attributed to weakness in the systems business due to sluggish memory spending.Lam Research’s system revenues were $2.39 billion (63% of the total revenues), ...

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 "With solid revenue and earnings per share performance in the March quarter, Lam is off to a strong start in calendar 2024" said Tim Archer, Lam Research's President and Chief Executive Officer. "As our customers address the challenges in scaling semiconductors to meet the power and speed requirements for driving AI transformation, Lam is strengthening its leadership and is well-positio ...