Why Lam Research Stock Is Sliding After-Hours

Lam Research Corporation LRCX shares are trading lower in Wednesday's after-hours session following the first-quarter earnings. Here's a summary.

What To Know: Lam Research Corporation reported quarterly earnings of $6.85 per share, which beat the analyst consensus estimate of $6.07, a 34.26% decrease over earnings of $10.42 per share from the same period last year. 

The company reported quarterly sales of $3.48 billion, which beat the analyst consensus estimate of $3.41 billion, a 31.38% decrease over sales of $5.07 billion from the same period last year.

Cash and cash equivalents, short-term investments, and restricted cash and investments balances decreased to $5.2 billion at the end of the Sept. 2023 quarter compared to $5.6 billion at the end of the June 2023 quarter.

First quarter non-GAAP operating margin increased by 280 basis points quarter-over-quarter to 30.1%.

Outlook: The company estimates second-quarter earnings per share of $7.00 +/- 75 cents, versus the $6.79 estimate. Revenue is anticipated to be $3.7 billion +/- $300 million versus the $3.65 billion estimate.

Related Link: What's Going On With Riot Platforms Stock Today?

LRCX Price Action: Shares of LRCX were down 2.92% at $623.50 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by manseok Kim from Pixabay