By Ben Glickman

 

Shares of Lam Research fell after the company reported a third consecutive quarter of falling sales, a trend it expects to continue.

The stock was down 5.2% to $609.01 in after-hours trading on Wednesday, and was 1.2% lower at the close. The shares are up 53% this year.

Lam Research said after the market closed that it is forecasting a decline in second-quarter results, and reported a drop in first-quarter profit and revenue from a year ago.

The Fremont, Calif.-based chip-making equipment provider's shares were down despite posting results that surpassed analysts' estimates. Revenue in the first quarter sank 31% to $3.48 billion, above the $3.42 billion expected by analysts.

Lam's earnings have been dragged lower in recent quarters by a slump in the semiconductor industry.

Chief Executive Tim Archer said the company was seeing a "cyclically soft year" for customers' spending on Lam's equipment, but that the company was investing in future growth.

 

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

October 18, 2023 19:30 ET (23:30 GMT)

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