By Sabela Ojea

Lam Research said that it expects to see a decline for the second quarter in profitability and revenue.

The Fremont, Calif.-based company, which manufactures and services equipment used to make semiconductors, on Wednesday guided for earnings per share of about $6.78, down from $10.77 for the same period a year earlier.

Stripping out one-time items, the company's earnings per share are set to come in at about $7.

Analysts polled by FactSet had forecast earnings per share and adjusted earnings per share of $6.58 and $6.77, respectively.

Revenue is forecast to fall to about $3.70 billion from $5.28 billion a year earlier. Analysts polled by FactSet forecast revenue of $3.65 billion.

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

(END) Dow Jones Newswires

October 18, 2023 17:11 ET (21:11 GMT)

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