“收入+利润”双双超预期，但芯片设备制造商科磊为何下跌？

Core Viewpoint - KLA Corporation's Q2 performance exceeded expectations, but the guidance for the next quarter indicates a slowdown in growth, leading to a decline in stock price post-earnings announcement [1][3][4]. Financial Performance - For Q2 of fiscal year 2026, KLA reported revenue of $3.297 billion, a 7.2% increase from $3.077 billion in the same period last year [5]. - Product revenue was $2.511 billion, and service revenue was $786 million. GAAP diluted EPS was $8.68, while non-GAAP diluted EPS was $8.85, both surpassing market expectations [5]. - CEO Rick Wallace noted that KLA achieved record highs in revenue, non-GAAP operating profit, and free cash flow for the full year, driven by a differentiated product portfolio and advancements in wafer fabrication and memory sectors [5]. Future Guidance - The guidance for Q3 indicates expected revenue of $3.35 billion, with a fluctuation of $150 million, and non-GAAP diluted EPS expected to be $9.08, with a fluctuation of $0.78 [6][4]. - This guidance did not meet market expectations for accelerated growth, as the growth rate was perceived as moderate and did not reflect the strong acceleration driven by artificial intelligence [6][7]. Market Reaction - The guidance was viewed as a "mixed outlook" by the market, with discrepancies in some indicators making it difficult to form a consensus for upward revisions [7]. - Given the crowded valuation and expectations prior to the earnings release, any signals of "not significantly raised" guidance could trigger short-term rebalancing of funds, resulting in a post-earnings stock price decline [8]. Industry Context - KLA's performance reflects the overall state of the semiconductor equipment industry, with strong demand for chip manufacturing tools contributing to the company's outperformance this quarter [9]. - Despite ongoing demand driven by artificial intelligence and high-performance computing applications, the pace of equipment procurement may experience fluctuations, which is a primary concern for investors regarding stock price outlook [9].