| | | Too many earnings reports this afternoon. First reactions in the market: Lam and Intel are selling off somewhat while WDC is up to 78.
So far!
No time today to get into any of this any further though.
Lam Research Earnings: Stock Sags on Weak Outlook -- Barron's Blog
DOW JONES & COMPANY, INC. 4:30 PM ET 7/26/2018
Symbol Last Price Change | LRCX | 177.26 | +4.46 (+2.58%) | | QUOTES AS OF 04:00:00 PM ET 07/26/2018 |
Chip equipment maker Lam Research(LRCX) this afternoon reported fiscal Q4 revenue and profit that comfortably topped analysts' expectations, but missed with its outlook for this quarter's results, sending its shares somewhat lower in late trading.
Lam stock has been under pressure of late, with lots of hand-wringing about the direction of the memory-chip market that has led to a dramatic rise in sales of the companies' equipment.
CEO Martin Anstice was upbeat, however, stating the year's results marked the "strongest fiscal year in our history."
Added Anstice, "Our forward-looking optimism is reinforced by the fundamental opportunity of silicon technologies, enabling a new generation of cognitive computing applications and services, combined with the expectation of sustainable investment by our customers, who in turn are pursuing inspiring and enhanced value creation agendas."
Revenue in the three months ended in June rose to $3.13 billion, yielding EPS of $5.31, excluding some costs.
Analysts had been modeling $3.06 billion and $4.94 per share in net income.
For the current quarter, the company sees revenue of $2.3 billion, plus or minus $150 million, and EPS of $3 to $3.40. That compares to consensus for $2.76 billion and $3.89 per share.
Lam expects its gross profit margin, moreover, to slip to 46%, give or take one percent, from 48% last quarter, on a non-GAAP basis.
Lam stock is down $4.52, or 2.5%, at $172.74.
More at Barron's Tech Trader Daily blog, barrons.com |
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