Lam Research Corporation reported significant financial growth for the quarter ended September 29, 2024, with total revenue reaching $4,167.976 million, an increase of 19.7% from $3,482.062 million in the same period of the previous year. This growth was driven by a rise in both systems revenue, which amounted to $2,392.730 million (up from $2,056.655 million), and customer support-related revenue, which increased to $1,775.246 million from $1,425.407 million.
The company's gross margin also improved, totaling $2,002.683 million compared to $1,654.702 million in the prior year, reflecting enhanced factory efficiencies despite increased incentive compensation expenses. Operating income rose to $1,264.197 million from $1,023.029 million, while income before income taxes increased to $1,294.278 million from $1,025.630 million. Net income for the quarter was $1,116.444 million, up from $887.398 million, resulting in a basic and diluted net income per share of $0.86, compared to $0.67 in the previous year.
The company’s cash and cash equivalents as of September 29, 2024, were $6,067.471 million, an increase from $5,847.856 million as of June 30, 2024. Accounts receivable also rose to $2,937.217 million from $2,519.250 million, indicating strong sales performance. Total current assets increased to $13,492.368 million from $12,883.220 million, while total assets grew to $19,532.489 million from $18,744.728 million.
In terms of strategic developments, Lam Research announced a ten-for-one stock split effective October 2, 2024. The company also continued its restructuring plan initiated in fiscal year 2023, which involved the termination of approximately 1,760 employees to align its cost structure with economic conditions. No restructuring charges were recorded during the latest quarter, and the cumulative costs of the restructuring plan totaled $181.9 million as of June 30, 2024.
The company faces challenges, including exposure to claims from suppliers and potential impacts from U.S. export controls affecting sales to China, which represented approximately 37% of total revenue for the quarter. Despite these risks, Lam Research anticipates higher wafer fabrication equipment spending in both memory and non-memory segments compared to 2023, driven by demand from cloud computing, AI, and 5G technologies.
About LAM RESEARCH CORP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.