Lam Research (NASDAQ:LRCX) reported softer-than-expected guidance for its second fiscal quarter, sending its shares about 3.2% lower in after-hours trading.
The company reported adjusted earnings per share of $6.85, exceeding the estimated $6.12. Revenue of $3.48 billion, representing a 31% decrease compared to the previous year, slightly surpassed the expected $3.41 billion.
"Lam continues to deliver strong results despite a cyclically soft year for wafer fabrication equipment spending," said Tim Archer, Lam Research's President and Chief Executive Officer.
"There are tremendous growth vectors ahead for Lam, and we are investing strategically to drive long-term outperformance."
For the quarter ending December 24, the company sees revenue between $3.4 billion and $4 billion. Analysts were looking for $3.65 billion in FQ2 revenue.
Adjusted earnings per share are seen in the region of $6.25 and $7.75, ahead of the expected $6.79.