Lam Research posted a sharp drop in quarterly profit and revenue as the slump in the semiconductor industry weighed on results.
The Fremont, Calif.-based company, which manufactures and services equipment used to make semiconductors, on Wednesday reported a profit of $802.5 million, or $5.97 a share, for the fiscal fourth-quarter quarter ended June 25, compared with $1.21 billion, or $8.74 a share, in the same quarter a year earlier.
Adjusted for certain items, earnings came in at $5.98 a share. Analysts recently polled by FactSet expected $5.07 a share.
Revenue fell to $3.21 billion from $4.64 billion, topping analyst estimates for $3.13 billion.
Chief Executive Tim Archer said that Lam’s profit exceeded expectations and that the company is well-positioned to outperform as semiconductors become more critical to the global economy.