By Sabela Ojea

 

Lam Research said profit and revenue plunged in its first quarter as the semiconductor industry remains under pressure in the U.S.

The Fremont, Calif.-based company which manufactures and services equipment used to make semiconductors on Wednesday posted a profit of $887.4 million, or $6.66 a share, compared with $1.43 billion, or $10.39 cents a share, for the same period a year earlier.

Stripping out one-time items, earnings per share came in at $6.85. Analysts polled by FactSet had forecast adjusted earnings per share of $6.15.

First-quarter revenue plunged 31% to $3.48 billion, beating analysts expectations of $3.42 billion, according to FactSet.

Lam Research is seeing a cyclically soft year for wafer fabrication equipment spending, but it "is investing strategically to drive long-term outperformance," President and Chief Executive Tim Archer said.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

October 18, 2023 16:59 ET (20:59 GMT)

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