Press release
Lam Research Corporation Reports Financial Results for the Quarter Ended March 26, 2023
FREMONT, Calif., April 19, 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., April 19, 2023 /PRNewswire/ -- Lam Research Corporation (the \"Company,\" \"Lam,\" \"Lam Research\") today announced financial results for the quarter ended March 26, 2023 (the \"March 2023 quarter\").\nHighlights for the March 2023 quarter were as follows:\nRevenue of $3.87 billion.U.S. GAAP gross margin of 41.5%, U.S. GAAP operating income as a percentage of revenue of 24.4%, and U.S. GAAP diluted EPS of $6.01.Non-GAAP gross margin of 44.0%, non-GAAP operating income as a percentage of revenue of 28.3%, and non-GAAP diluted EPS of $6.99. \nKey Financial Data for the Quarters Ended \nMarch 26, 2023 and December 25, 2022 \n(in thousands, except per-share data, percentages, and basis points) \n \nU.S. GAAP\nMarch 2023\nDecember 2022\nChange Q/Q\nRevenue\n$ 3,869,569\n$ 5,277,569\n- 26.7 %\nGross margin as percentage of revenue\n41.5 %\n45.0 %\n- 350 bps\nOperating income as percentage of revenue\n24.4 %\n31.8 %\n- 740 bps\nDiluted EPS\n$ 6.01\n$ 10.77\n- 44.2 %\nNon-GAAP\nMarch 2023\nDecember 2022\nChange Q/Q\nRevenue\n$ 3,869,569\n$ 5,277,569\n- 26.7 %\nGross margin as percentage of revenue\n44.0 %\n45.1 %\n- 110 bps\nOperating income as percentage of revenue\n28.3 %\n32.1 %\n- 380 bps\nDiluted EPS\n$ 6.99\n$ 10.71\n- 34.7 %\n \nU.S. GAAP Financial Results\nFor the March 2023 quarter, revenue was $3,870 million, gross margin was $1,606 million, or 41.5% of revenue, operating expenses were $663 million, operating income was 24.4% of revenue, and net income was $814 million, or $6.01 per diluted share on a U.S. GAAP basis. This compares to revenue of $5,278 million, gross margin of $2,376 million, or 45.0% of revenue, operating expenses of $696 million, operating income of 31.8% of revenue, and net income of $1,469 million, or $10.77 per diluted share, for the quarter ended December 25, 2022 (the \"December 2022 quarter\").\nNon-GAAP Financial Results\nFor the March 2023 quarter, non-GAAP gross margin was $1,704 million, or 44.0% of revenue, non-GAAP operating expenses were $608 million, non-GAAP operating income was 28.3% of revenue, and non-GAAP net income was $946 million, or $6.99 per diluted share. This compares to non-GAAP gross margin of $2,382 million, or 45.1% of revenue, non-GAAP operating expenses of $686 million, non-GAAP operating income of 32.1% of revenue, and non-GAAP net income of $1,461 million, ...