Press release
Lam Research Corporation Reports Financial Results for the Quarter Ended March 31, 2024
FREMONT, Calif., April 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., April 24, 2024 /PRNewswire/ -- Lam Research Corporation (the \"Company,\" \"Lam,\" \"Lam Research\") today announced financial results for the quarter ended March 31, 2024 (the \"March 2024 quarter\").\nHighlights for the March 2024 quarter were as follows:\nRevenue of $3.79 billion.U.S. GAAP gross margin of 47.5%, U.S. GAAP operating income as a percentage of revenue of 27.9%, and U.S. GAAP diluted EPS of $7.34.Non-GAAP gross margin of 48.7%, non-GAAP operating income as a percentage of revenue of 30.3%, and non-GAAP diluted EPS of $7.79.Key Financial Data for the Quarters Ended \nMarch 31, 2024 and December 24, 2023 \n(in thousands, except per-share data, percentages, and basis points) \n \nU.S. GAAP\nMarch 2024\nDecember 2023\nChange Q/Q\nRevenue\n$ 3,793,558\n$ 3,758,259\n+ 0.9 %\nGross margin as percentage of revenue\n47.5 %\n46.8 %\n+ 70 bps\nOperating income as percentage of revenue\n27.9 %\n28.1 %\n- 20 bps\nDiluted EPS\n$ 7.34\n$ 7.22\n+ 1.7 %\nNon-GAAP\nMarch 2024\nDecember 2023\nChange Q/Q\nRevenue\n$ 3,793,558\n$ 3,758,259\n+ 0.9 %\nGross margin as percentage of revenue\n48.7 %\n47.6 %\n+ 110 bps\nOperating income as percentage of revenue\n30.3 %\n30.0 %\n+ 30 bps\nDiluted EPS\n$ 7.79\n$ 7.52\n+ 3.6 %\nU.S. GAAP Financial Results\nFor the March 2024 quarter, revenue was $3,794 million, gross margin was $1,801 million, or 47.5% of revenue, operating expenses were $743 million, operating income was 27.9% of revenue, and net income was $966 million, or $7.34 per diluted share on a U.S. GAAP basis. This compares to revenue of $3,758 million, gross margin of $1,757 million, or 46.8% of revenue, operating expenses of $700 million, operating income of 28.1% of revenue, and net income of $954 million, or $7.22 per diluted share, for the quarter ended December 24, 2023 (the \"December 2023 quarter\"). The March 2024 quarter included 14 weeks; the December 2023 quarter included 13 weeks.\nNon-GAAP Financial Results\nFor the March 2024 quarter, non-GAAP gross margin was $1,848 million, or 48.7% of revenue, non-GAAP operating expenses were $698 million, non-GAAP operating income was 30.3% of revenue, and non-GAAP net income was $1,024 million, or $7.79 per diluted share. This compares to non-GAAP gross margin of $1,790 million, or 47.6% of revenue, non-GAAP operating expenses of $662 million, non-GAAP operating ...