Lam Research Corporation Provides Business Update for the Fiscal Quarter ending March 29, 2020
March 17, 2020
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FREMONT, Calif., March 17, 2020 (GLOBE NEWSWIRE) -- March 17, 2020 - Lam Research Corporation (Nasdaq: LRCX) (the "Company," "Lam," "Lam Research") is providing the following business update.
On March 16, 2020, multiple bay area counties in California issued a “shelter-in-place” order, which requires the Company to temporarily stop on-site work at its Fremont and Livermore locations for three weeks effective March 17, 2020. Additionally, Lam has supply chain activities in Malaysia, and on March 16, 2020, the Malaysian government issued an order to close certain business activities from March 18 through March 31, 2020. The implementation of these orders prevents the Company from manufacturing products at its Livermore and Fremont, California facilities and receiving required parts from key suppliers. These government directives may impact our ability to meet our March quarter financial guidance. The March 2020 quarter financial guidance we provided on January 29, 2020 reflected the best information available as of that time, but due to the disruptions and uncertainties resulting from these recent actions, the Company is withdrawing its prior financial guidance for the fiscal quarter ending March 29, 2020.
As we closely monitor the impact of the COVID-19 virus, our top priority remains the health and safety of our employees and partners. The situation is evolving, and we will provide more information during our next earnings call.
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