Press release
Lam Research Corporation Reports Financial Results for the Quarter Ended June 25, 2023
FREMONT, Calif., July 26, 2023 /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., July 26, 2023 /PRNewswire/ -- Lam Research Corporation (the \"Company,\" \"Lam,\" \"Lam Research\") today announced financial results for the quarter ended June 25, 2023 (the \"June 2023 quarter\"). \nHighlights for the June 2023 quarter were as follows:\nRevenue of $3.21 billion.U.S. GAAP gross margin of 45.5%, U.S. GAAP operating income as a percentage of revenue of 26.6%, and U.S. GAAP diluted EPS of $5.97.Non-GAAP gross margin of 45.7%, non-GAAP operating income as a percentage of revenue of 27.3%, and non-GAAP diluted EPS of $5.98. \nKey Financial Data for the Quarters Ended \nJune 25, 2023 and March 26, 2023 \n(in thousands, except per-share data, percentages, and basis points)\nU.S. GAAP\nJune 2023\nMarch 2023\nChange Q/Q\nRevenue\n$ 3,207,257\n$ 3,869,569\n-17 %\nGross margin as percentage of revenue\n45.5 %\n41.5 %\n+ 400 bps \nOperating income as percentage of revenue\n26.6 %\n24.4 %\n+ 220 bps\nDiluted EPS\n$ 5.97\n$ 6.01\n-1 %\nNon-GAAP\nJune 2023\nMarch 2023\nChange Q/Q\nRevenue\n$ 3,207,257\n$ 3,869,569\n-17 %\nGross margin as percentage of revenue\n45.7 %\n44.0 %\n+ 170 bps\nOperating income as percentage of revenue\n27.3 %\n28.3 %\n- 100 bps\nDiluted EPS\n$ 5.98\n$ 6.99\n-14 %\nU.S. GAAP Financial Results\nFor the June 2023 quarter, revenue was $3,207 million, gross margin was $1,458 million, or 45.5% of revenue, operating expenses were $604 million, operating income was 26.6% of revenue, and net income was $803 million, or $5.97 per diluted share on a U.S. GAAP basis. This compares to revenue of $3,870 million, gross margin of $1,606 million, or 41.5% of revenue, operating expenses of $663 million, operating income of 24.4% of revenue, and net income of $814 million, or $6.01 per diluted share, for the quarter ended March 26, 2023 (the \"March 2023 quarter\").\nNon-GAAP Financial Results\nFor the June 2023 quarter, non-GAAP gross margin was $1,465 million, or 45.7% of revenue, non-GAAP operating expenses were $590 million, non-GAAP operating income was 27.3% of revenue, and non-GAAP net income was $803 million, or $5.98 per diluted share. This compares to non-GAAP gross margin of $1,704 million, or 44.0% of revenue, non-GAAP operating expenses of $608 million, non-GAAP operating income of 28.3% of revenue, and non-GAAP net income of $946 million, or $6.99 per diluted share, for the March 2023 qu...