Lam Research Q1 revenue of $3.79 billion exceeded expectations, with a slight increase compared to the previous month
Lam Research released its first quarter financial report for 2024, with a revenue of $3.79 billion, higher than market expectations of $3.72 billion; According to GAAP US General Accounting Standards, the gross profit margin is 47.5%, with a gross profit of $1.801 billion and diluted earnings per share of $7.34, both showing a slight increase compared to the previous period.
Lam Research mainly produces semiconductor manufacturing equipment, but due to the downturn in personal computers (PCs) and smartphones in 2023, some of its businesses have been hit. However, the increasing demand for artificial intelligence (AI) chips will drive industry growth in 2024, leading chip manufacturers to order more equipment from Lam Research and driving its revenue growth.
Lam Research CEO Tim Archer stated in a statement, "As our clients address the challenges of semiconductor expansion to meet the power and speed requirements driving the transformation of artificial intelligence, Lam Research is strengthening its leading position and preparing adequately for major opportunities in the future."
The company expects revenue to reach $3.8 billion ± $300 million in the second quarter of 2024, while analysts have an average expectation of $3.77 billion.
The company expects revenue to reach $3.8 billion ± $300 million in the second quarter of 2024, while analysts have an average expectation of $3.77 billion.