Press release
Lam Research Corporation Reports Financial Results for the Quarter Ended June 30, 2024
FREMONT, Calif., July 31, 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., July 31, 2024 /PRNewswire/ -- Lam Research Corporation (the \"Company,\" \"Lam,\" \"Lam Research\") today announced financial results for the quarter ended June 30, 2024 (the \"June 2024 quarter\").\nHighlights for the June 2024 quarter were as follows:\nRevenue of $3.87 billion.U.S. GAAP gross margin of 47.5%, U.S. GAAP operating income as a percentage of revenue of 29.1%, and U.S. GAAP diluted EPS of $7.78.Non-GAAP gross margin of 48.5%, non-GAAP operating income as a percentage of revenue of 30.7%, and non-GAAP diluted EPS of $8.14. \nKey Financial Data for the Quarters Ended \nJune 30, 2024 and March 31, 2024 \n(in thousands, except per-share data, percentages, and basis points)\n \nU.S. GAAP\nJune 2024\nMarch 2024\nChange Q/Q\nRevenue\n$ 3,871,507\n$ 3,793,558\n+2.1 %\nGross margin as percentage of revenue\n47.5 %\n47.5 %\n+ 0 bps \nOperating income as percentage of revenue\n29.1 %\n27.9 %\n+ 120 bps\nDiluted EPS\n$ 7.78\n$ 7.34\n+6.0 %\nNon-GAAP\nJune 2024\nMarch 2024\nChange Q/Q\nRevenue\n$ 3,871,507\n$ 3,793,558\n+2.1 %\nGross margin as percentage of revenue\n48.5 %\n48.7 %\n- 20 bps\nOperating income as percentage of revenue\n30.7 %\n30.3 %\n+ 40 bps\nDiluted EPS\n$ 8.14\n$ 7.79\n+4.5 %\nU.S. GAAP Financial Results\nFor the June 2024 quarter, revenue was $3,872 million, gross margin was $1,840 million, or 47.5% of revenue, operating expenses were $714 million, operating income was 29.1% of revenue, and net income was $1,020 million, or $7.78 per diluted share on a U.S. GAAP basis. This compares to revenue of $3,794 million, gross margin of $1,801 million, or 47.5% of revenue, operating expenses of $743 million, operating income of 27.9% of revenue, and net income of $966 million, or $7.34 per diluted share, for the quarter ended March 31, 2024 (the \"March 2024 quarter\"). The June 2024 quarter included 13 weeks; the March 2024 quarter included 14 weeks.\nNon-GAAP Financial Results\nFor the June 2024 quarter, non-GAAP gross margin was $1,876 million, or 48.5% of revenue, non-GAAP operating expenses were $689 million, non-GAAP operating income was 30.7% of revenue, and non-GAAP net income was $1,067 million, or $8.14 per diluted share. This compares to non-GAAP gross margin of $1,848 million, or 48.7% of revenue, non-GAAP operating expenses of $698 million, non-GAAP operating income of 30.3% of revenue, ...