Press release
Lam Research Corporation Reports Financial Results for the Quarter Ended March 29, 2020
FREMONT, Calif., April 22, 2020 (GLOBE NEWSWIRE) -- 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 22, 2020 (GLOBE NEWSWIRE) -- Lam Research Corporation (the \"Company,\" \"Lam,\" \"Lam Research\") today announced financial results for the quarter ended March 29, 2020 (the “March 2020 quarter”).\n Highlights for the March 2020 quarter were as follows: Revenue of $2.50 billion.U.S. GAAP gross margin of 46.6%, U.S. GAAP operating income as a percentage of revenue of 27.7%, and U.S. GAAP diluted EPS of $3.88.Non-GAAP gross margin of 46.3%, non-GAAP operating income as a percentage of revenue of 26.9%, and non-GAAP diluted EPS of $3.98. Key Financial Data for the Quarters EndedMarch 29, 2020 and December 29, 2019(in thousands, except per-share data, percentages, and basis points) U.S. GAAP March 2020 December 2019 Change Q/QRevenue $2,503,625 $2,583,501 - 3%Gross margin as percentage of revenue 46.6% 45.7% + 90 bps Operating income as percentage of revenue 27.7% 26.6% + 110 bps Diluted EPS $3.88 $3.43 + 13% Non-GAAP March 2020 December 2019 Change Q/QRevenue $2,503,625 $2,583,501 - 3%Gross margin as percentage of revenue 46.3% 45.7% + 60 bps Operating income as percentage of revenue 26.9% 27.1% - 20 bps Diluted EPS $3.98 $4.01 - 1% U.S. GAAP Financial Results For the March 2020 quarter, revenue was $2,504 million, gross margin was $1,167 million, or 46.6% of revenue, operating expenses were $473 million, operating income was 27.7% of revenue, and net income was $575 million, or $3.88 per diluted share on a U.S. GAAP basis. This compares to revenue of $2,584 million, gross margin of $1,180 million, or 45.7% of revenue, operating expenses of $493 million, operating income of 26.6% of revenue, and net income of $515 million, or $3.43 per diluted share, for the quarter ended December 29, 2019 (the “December 2019 quarter”). Non-GAAP Financial Results For the March 2020 quarter, non-GAAP gross margin was $1,160 million, or 46.3% of revenue, non-GAAP operating expenses were $486 million, non-GAAP operating income was 26.9% of revenue, and non-GAAP net income was $590 million, or $3.98 per diluted share. This compares to non-GAAP gross margin of $1,181 million, or 45.7% of revenue, non-GAAP operating expenses of $481 million, non-GAAP operating income of 27.1% of revenue, and non-GAAP net income of $602 million, or $4.01 per diluted share, for the December 2019 quarter. “Extraordinary efforts by Lam’s global teams ...