Lam Research has experienced yet another decline in sales, which marks the third consecutive quarter of poor performance. This downward trend is expected to persist in the coming months.
As a result, the company's shares took a hit, dropping 5.2% to $609.01 during after-hours trading on Wednesday. By the market's closing time, the stock was 1.2% lower. Despite this recent setback, Lam Research has seen an overall increase of 53% in its shares since the beginning of the year.
Lam Research has projected a decline in its second-quarter results and has reported a drop in first-quarter profit and revenue compared to the same period last year.
Although the Fremont, Calif.-based chip-making equipment provider managed to surpass analysts' estimates, with revenue in the first quarter amounting to $3.48 billion (above the $3.42 billion expected by analysts), its shares continued to plummet.
The company's earnings have been consistently hampered by a slowdown in the semiconductor industry. The CEO, Tim Archer, acknowledged that Lam Research is currently facing a "cyclically soft year" in terms of customers' spending on their equipment. Nevertheless, he remains confident that the company's investments in future growth will ultimately pay off.
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