Press release
Lam Research Corporation Reports Financial Results for the Quarter Ended September 24, 2023
FREMONT, Calif., Oct. 18, 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., Oct. 18, 2023 /PRNewswire/ -- Lam Research Corporation (the \"Company,\" \"Lam,\" \"Lam Research\") today announced financial results for the quarter ended September 24, 2023 (the \"September 2023 quarter\").\nHighlights for the September 2023 quarter were as follows:\nRevenue of $3.48 billion.U.S. GAAP gross margin of 47.5%, U.S. GAAP operating income as a percentage of revenue of 29.4%, and U.S. GAAP diluted EPS of $6.66.Non-GAAP gross margin of 47.9%, non-GAAP operating income as a percentage of revenue of 30.1%, and non-GAAP diluted EPS of $6.85. \nKey Financial Data for the Quarters Ended \nSeptember 24, 2023 and June 25, 2023 \n(in thousands, except per-share data, percentages, and basis points) \nU.S. GAAP\nSeptember 2023\nJune 2023\nChange Q/Q\nRevenue\n$ 3,482,062\n$ 3,207,257\n+ 8.6 %\nGross margin as percentage of revenue\n47.5 %\n45.5 %\n+ 200 bps\nOperating income as percentage of revenue\n29.4 %\n26.6 %\n+ 280 bps\nDiluted EPS\n$ 6.66\n$ 5.97\n+ 11.6 %\nNon-GAAP\nSeptember 2023\nJune 2023\nChange Q/Q\nRevenue\n$ 3,482,062\n$ 3,207,257\n+ 8.6 %\nGross margin as percentage of revenue\n47.9 %\n45.7 %\n+ 220 bps\nOperating income as percentage of revenue\n30.1 %\n27.3 %\n+ 280 bps\nDiluted EPS\n$ 6.85\n$ 5.98\n+ 14.5 %\n \nU.S. GAAP Financial Results\nFor the September 2023 quarter, revenue was $3,482 million, gross margin was $1,655 million, or 47.5% of revenue, operating expenses were $632 million, operating income was 29.4% of revenue, and net income was $887 million, or $6.66 per diluted share on a U.S. GAAP basis. This compares to revenue of $3,207 million, gross margin of $1,458 million, or 45.5% of revenue, operating expenses of $604 million, operating income of 26.6% of revenue, and net income of $803 million, or $5.97 per diluted share, for the quarter ended June 25, 2023 (the \"June 2023 quarter\").\nNon-GAAP Financial Results\nFor the September 2023 quarter, non-GAAP gross margin was $1,669 million, or 47.9% of revenue, non-GAAP operating expenses were $622 million, non-GAAP operating income was 30.1% of revenue, and non-GAAP net income was $912 million, or $6.85 per diluted share. This compares to non-GAAP gross margin of $1,465 million, or 45.7% of revenue, non-GAAP operating expenses of $590 million, non-GAAP operating income of 27.3% of revenue, and non-GAAP net income of $803 million, o...