By Paul Ziobro

Lam Research posted a sharp drop in quarterly profit and revenue as the slump in the semiconductor industry weighed on results.

The Fremont, Calif.-based company, which manufactures and services equipment used to make semiconductors, on Wednesday reported a profit of $802.5 million, or $5.97 a share, for the fiscal fourth-quarter quarter ended June 25, compared with $1.21 billion, or $8.74 a share, in the same quarter a year earlier.

Adjusted for certain items, earnings came in at $5.98 a share. Analysts recently polled by FactSet expected $5.07 a share.

Revenue fell to $3.21 billion from $4.64 billion, topping analyst estimates for $3.13 billion.

Chief Executive Tim Archer said that Lam's profit exceeded expectations and that the company is well-positioned to outperform as semiconductors become more critical to the global economy.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

July 26, 2023 16:49 ET (20:49 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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