Lam Research Falls Short of Expectations in 3Q

By Stephanie Lai

Lam Research Corp. on Wednesday reported lower-than-expected earnings in the latest quarter, as the semiconductor company accrued additional costs to secure parts amid supply-chain challenges and revenue fell short.

The Fremont, Calif., company reported a third-quarter profit of $1.02 billion, down from $1.07 billion a year earlier. Earnings were $7.30 a share, down from $7.41 a share a year earlier.

On an adjusted basis, earnings were $7.40 a share. Analysts polled by FactSet were expecting $7.52 a share.

Revenue rose to $4.06 billion from $3.85 billion in the previous year, but missed analysts' forecasts of $4.25 billion.

The cost of goods sold was $2.24 billion, up from $2.07 billion a year earlier, while total operating expenses were $624.5 million, up from $584.8 million.

"We are focused on resolving our supply issues as quickly as possible to support strong customer demand," said Tim Archer, Lam Research's president and chief executive, in prepared remarks. "We remain confident in the secular drivers of wafer fabrication equipment investment as well as Lam's leadership position and expect to return to solid growth as industry constraints ease."

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(END) Dow Jones Newswires

April 20, 2022 16:51 ET (20:51 GMT)

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