Lam Research Corporation (NASDAQ:LRCX) Q2 2024 Earnings Conference Call January 24, 2024 5:00 PM ET Company Participants Ram Ganesh - Head, IR Timothy Archer - President, CEO & Director Douglas Bettinger - EVP & CFO Conference Call Participants Timothy Arcuri - UBS Harlan Sur - JPMorgan Chase & Co. Atif Malik - Citigroup Brian Chin - Stifel, Nicolaus & Company Krish Sankar - TD Cowen Christopher Caso - Wolfe Research Srinivas Pajjuri - Raymond James & Associates Stacy Rasgon - Sanford C. Bernstein & Co. Jos ...

FREMONT, Calif., Jan. 24, 2024 /PRNewswire/ -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended December 24, 2023 (the "December 2023 quarter"). Highlights for the December 2023 quarter were as follows: Revenue of $3.76 billion. U.S. GAAP gross margin of 46.8%, U.S. GAAP operating income as a percentage of revenue of 28.1%, and U.S. GAAP diluted EPS of $7.22. Non-GAAP gross margin of 47.6%, non-GAAP operating income as a percentage of r ...

Lam Research Corporation (LRCX) is scheduled to report second-quarter fiscal 2024 results on Jan 24.For the fiscal second quarter, the company expects revenues of $3.7 billion (+/- $300 million). The Zacks Consensus Estimate for revenues is pegged at $3.71 billion, indicating a decline of 29.7% from the year-ago reported figure.The company anticipates non-GAAP earnings per share (EPS) of $7.00 (+/- 75 cents) for second-quarter fiscal 2024. The consensus mark for EPS is pegged at $7.05, indicating a 34.2% fa ...

Lam Research (LRCX) shares ended the last trading session 5.2% higher at $826.32. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.1% gain over the past four weeks.Lam Research extended its rally, driven by its strength across 3D DRAM and advanced packaging technologies. Further, growing etch and deposition intensity owing to increasing technology inflections in 3D architectures, is a positive. The company's techn ...

Lam Research (LRCX) closed at $761.14 in the latest trading session, marking a +0.19% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 0.37%. Meanwhile, the Dow lost 0.62%, and the Nasdaq, a tech-heavy index, lost 0.19%.Heading into today, shares of the semiconductor equipment maker had lost 1.33% over the past month, lagging the Computer and Technology sector's gain of 1.22% and the S&P 500's gain of 1.56% in that time.The investment community will be paying close a ...

Lam Research (LRCX) closed the latest trading day at $752.02, indicating a -0.68% change from the previous session's end. The stock's performance was behind the S&P 500's daily loss of 0.15%. Elsewhere, the Dow lost 0.42%, while the tech-heavy Nasdaq added 0.09%.The semiconductor equipment maker's shares have seen an increase of 2.93% over the last month, surpassing the Computer and Technology sector's gain of 1.19% and falling behind the S&P 500's gain of 3.5%.The investment community will be closely monit ...

The most recent trading session ended with Lam Research (LRCX) standing at $736.93, reflecting a -1.65% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily loss of 0.8%. At the same time, the Dow lost 0.76%, and the tech-heavy Nasdaq lost 1.18%.Shares of the semiconductor equipment maker witnessed a gain of 7.48% over the previous month, beating the performance of the Computer and Technology sector with its gain of 2.11% and the S&P 500's gain of 3.4%.Mark ...

The market has been pleased with top memory chipmaker Micron Technology's (MU 1.18%) mounting comeback. Memory chip inventories skyrocketed in 2022 as PC and smartphone sales dropped and Micron's customers pared back spending to manage their cash during the downturn. However, as the generative AI hype has developed into a full-fledged industry with massive growth potential, demand for bleeding-edge memory has ratcheted back up. In anticipation of a multi-year run-up for Micron's sales, especially for AI app ...

Summary of Lam Research Corporation Conference Call Company Overview - **Company**: Lam Research Corporation (NASDAQ:LRCX) - **Date**: November 28, 2023 - **Participants**: Tim Archer (President and CEO), Doug Bettinger (CFO) Key Industry Insights - **Market Trends**: - NAND market is experiencing a downturn, with WFE (Wafer Fabrication Equipment) share expected to be lower due to unfavorable mix [4][5] - DRAM pricing is strengthening, particularly driven by High Bandwidth Memory (HBM) [3] - Foundry logic remains strong at the leading edge, but weaker at mature nodes [3] - **WFE Share Dynamics**: - Current WFE share is at a seven-year low, primarily due to mix issues rather than a loss of market share at the application level [4][6] - NAND WFE is down more than 75% year-over-year, impacting revenue significantly [7] - **Future Opportunities**: - Lam sees potential growth in markets that have fallen the furthest, anticipating a rebound [3] - The company has identified several tech inflections (e.g., advanced packaging, gate-all-around, backside power delivery) that represent $1 billion+ market share growth opportunities [10] Financial Performance and Projections - **Revenue Growth**: - Lam's revenue could continue to grow even if NAND WFE does not return to previous peaks, due to higher capture rates from tech conversions [17][18] - The installed base has grown by approximately 40% since 2019, providing a solid foundation for future revenue generation [36] - **Service Business**: - The customer support business group (CSBG) is a significant revenue generator, with spares and service upgrades being key components [32] - Tools have a long lifespan, often generating more revenue over their lifetime than at initial sale [35] Competitive Landscape - **China Market Dynamics**: - The Chinese market has shown strong growth, particularly in the second half of the year, but there are concerns about sustainability [22][23] - Local Chinese companies are expected to capture a growing share of the WFE market, but Lam believes its technological edge will maintain its competitive advantage [28][30] - **Technology Leadership**: - Lam's access to leading-edge customers is crucial for innovation and maintaining market leadership [30] - The company is focused on advancing technology faster than competitors, particularly in high-tech areas [28] Strategic Focus - **R&D Investment**: - Lam is committed to investing in R&D to expand its served available market (SAM) in foundry logic, which is currently underexposed [50] - The company aims to leverage its expertise in 3D technologies to capture more market share across various device types [15] - **Long-term Growth Potential**: - The company anticipates significant growth opportunities by 2030, projecting a $1 trillion semiconductor industry with a larger share of WFE [51] - Lam's unique position allows for selective growth in underdeveloped areas of the market, presenting a favorable outlook for future profitability [51] Conclusion - Lam Research Corporation is positioned to capitalize on emerging market trends and technological advancements, despite current challenges in the NAND sector. The company's strategic focus on R&D, service revenue, and competitive technology leadership suggests a robust growth trajectory in the coming years.

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 September 24, 2023 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 specif ...