Press release
Lam Research Corporation Reports Financial Results for the Quarter Ended December 24, 2023
FREMONT, Calif., Jan. 24, 2024 /PRNewswire/ -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the
About this update from Lam Research Corporation
[{"type":"text","content":"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\").\nHighlights for the December 2023 quarter were as follows:\nRevenue 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 revenue of 30.0%, and non-GAAP diluted EPS of $7.52.Key Financial Data for the Quarters Ended \nDecember 24, 2023 and September 24, 2023 \n(in thousands, except per-share data, percentages, and basis points) \n \nU.S. GAAP\nDecember 2023\nSeptember 2023\nChange Q/Q\nRevenue\n$ 3,758,259\n$ 3,482,062\n+ 7.9 %\nGross margin as percentage of revenue\n46.8 %\n47.5 %\n- 70 bps\nOperating income as percentage of revenue\n28.1 %\n29.4 %\n- 130 bps\nDiluted EPS\n$ 7.22\n$ 6.66\n+ 8.4 %\nNon-GAAP\nDecember 2023\nSeptember 2023\nChange Q/Q\nRevenue\n$ 3,758,259\n$ 3,482,062\n+ 7.9 %\nGross margin as percentage of revenue\n47.6 %\n47.9 %\n- 30 bps\nOperating income as percentage of revenue\n30.0 %\n30.1 %\n- 10 bps\nDiluted EPS\n$ 7.52\n$ 6.85\n+ 9.8 %\n \nU.S. GAAP Financial Results\nFor the December 2023 quarter, revenue was $3,758 million, gross margin was $1,757 million, or 46.8% of revenue, operating expenses were $700 million, operating income was 28.1% of revenue, and net income was $954 million, or $7.22 per diluted share on a U.S. GAAP basis. This compares to revenue of $3,482 million, gross margin of $1,655 million, or 47.5% of revenue, operating expenses of $632 million, operating income of 29.4% of revenue, and net income of $887 million, or $6.66 per diluted share, for the quarter ended September 24, 2023 (the \"September 2023 quarter\").\nNon-GAAP Financial Results\nFor the December 2023 quarter, non-GAAP gross margin was $1,790 million, or 47.6% of revenue, non-GAAP operating expenses were $662 million, non-GAAP operating income was 30.0% of revenue, and non-GAAP net income was $994 million, or $7.52 per diluted share. This compares to non-GAAP gross margin of $1,669 million, or 47.9% of revenue, non-GAAP operating expenses of $622 million, non-GAAP operating income of 30.1% of revenue, and non-GAAP net income of $91...