© Reuters. Lam Research Q2 Earnings Miss, Shares Down 2%
Lam Research (NASDAQ:) shares were trading around 2% lower after-hours following the company’s Q2 earnings results, with EPS of $7.40 coming in below the consensus estimate of $7.51 and down 13% from the December quarter. Revenue was $4.06 billion, compared to the consensus estimate of $4.25 billion and down 4% from the December quarter.
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Non-GAAP gross margin was 44.7% during the quarter, down 210bps from the December quarter. Operating income fell 260bps sequentially to 29.4%.
The company provided its Q3 outlook, expecting EPS to range from $6.50 to $8.00, compared to the consensus of $8.24, and revenue to range from $3.9 million to $4.5 billion, compared to the consensus of $4.46 billion.
The company repurchased $1.3 billion in stock during the quarter.
Shares of Lam Research are down 33% year-to-date.
By Davit Kirakosyan